BGL Corporate Solutions is partnering with Link Market Services to release the first SMSF administration software that automatically reconciles listed security holding balances with share registries.
The Simple Fund 360 software will use registry data to ensure SMSF holding balances are reconciled on a quarterly basis or any other time required by the SMSF as part of a compliance check, automatically overnight.
"Automating the reconciling of holding balances with share registries, the single source of truth, provides our clients with significant efficiencies and benefits," BGL's managing director Ron Lesh said.
"And the fact we have been able to automate this process without the need for a complicated signup or registration system, is a fantastic achievement by our team.
"This new service will remove the need for an SMSF administrator or auditor to get paper holding statements or to individually confirm each holding balance on the Link website."
In the past, SMSF administrators and auditors have confirmed SMSF holding balances from holding statements or a share registry website.
"These days are gone for Simple Fund 360 clients. This is the next step towards zero touch processing in Simple Fund 360," Lesh said.
Integration with Link Market Services is available now for Simple Fund 360 clients. Other registries will follow in the coming months.