The dawn of Payday Super presents an opportunity for businesses to fully embrace the real-time payments (RTP) revolution.
From July, changes to superannuation rules in Australia will require businesses to make employee super contributions with every pay cycle. The changes are intended to, among other things, make it easier for workers to track their own super.
Practical examples, including by ANZ and its partners, show the use of real-time payment systems over the NPP can help business meet these new requirements.
But when it comes to RTP, Payday Super is just the start, and for some businesses, could serve as a catalyst for broader payments modernisation.
While regulators have accelerated the shift to real-time payments, adoption is also being driven by evolving needs across the ecosystem. This is extending real-time capabilities into areas such as voluntary contributions, retirement payouts, and beyond.
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The opportunities brought by RTP go beyond just moving money faster. There is significant value for businesses in the structured data that comes along with those payments, as well as opportunities for automation across reconciliation, reporting, and exception handling.
For its part, ANZ has been working closely with participants across the superannuation value chain to help them prepare for PayDay Super, including though the New Payments Platform (NPP). The focus of those discussions has been member and employer outcomes, making sure contributions can be allocated, matched, processed and invested sooner for their benefit.
The bank has also been innovating in collaboration with the industry to help employers gain more certainty around their compliance.
For those making the transition, thinking beyond the immediate PayDay Super shift could provide them with a significant advantage.
Turlough Crowe is Senior Manager, Strategic Growth at ANZ Institutional
