Human resources and payroll solutions tech firm Frontier Software has selected Payment Adviser's SuperPay system to enable the payment of overnight superannuation contributions.
The system allows one day processing times for member's contributions.
"Regular employee contributions to super will be treated like all other payroll transactions and are able to be invested almost immediately," said Nick Southcombe, general manager, Frontier Software Australia.
One of the end results would be processing savings to superannuation funds, he said.
Payment Adviser's service, SuperPay, connects all superannuation participants from employers and staff through to superannuation funds, their administrators and regulators.
The service provides a fast, simple means of capturing, allocating and reporting superannuation contributions so that they can be invested immediately.
"We will be working with Frontier Software to ensure this new initiative can be rolled out to existing clients almost immediately," said Payment Adviser director, marketing & sales, Brad Rosenthal.
"Frontier Software's decision builds great momentum for the nation-wide rollout of SuperPay at all levels of industry, following last week's announcement of our partnership with Cuscal to service the SME market."