With the traditional 30 June tax period ramping up, Australia’s tireless army of bookkeepers servicing SMEs and other clients are looking out for new ways to improve and streamline their core payments (and data capture) processes. The New Payments Platform (NPP) – being introduced voluntarily from 1 July – will help to accelerate payments. The NPP will also feature several overlay services or software solutions that will introduce more user-friendly payment methods.
In short, the New Payments Platform promises to enable SMEs and government agencies to make faster payments, with real-time funds availability to the recipient, on a 24/7 basis. Each payment message can carry much richer remittance information than existing systems.
Complementing the NPP is a home-grown technology solution called PayVu.
It offers an innovative and inexpensive payment service to end-users such as employers and their bookkeepers. Like an NPP overlay service, PayVu makes funds available the same day and carries much richer remittance information. Crucially, PayVu bridges the gap between internet banking and accounting and payroll systems such as Xero, (QuickBooks functionality will be available in mid-August and MYOB will roll out during September 2017).
PayVu reduces the payment process from hours to minutes, is completely secure and SuperStream compliant. Above all, it is simple, easy, and quick because payments are automated and occur the same day. Just what the bookkeepers have ordered to simplify their lives.
All data and payment information is transmitted over secure networks to prevent sensitive information from residing on a laptop or desk top. PayVu also supports mobile device payments.
For superannuation, PayVu can eliminate the complexities encountered by bookkeepers, as it breaks down the following information:
contribution history (contributions made to super funds)
fund message history (messages sent from the super funds to the employer)
default fund allocation (ability to nominate one or more default funds).
The PayVu technology works like the New Payments Platform and replaces the superannuation Clearing House (average four-day delay) with Employer Direct (same-day settlement). The system puts control back in the hands of the employer, along with the interest earned from the contributions money. The benefit does not stop with the contribution transaction. It extends also to reconciling misplaced or mistaken allocations.
For example, if the superannuation fund is unable to allocate a contribution, Employer Direct enables the secure return/refund of the money directly to the employer, removing the Clearing House from the transaction flow and allowing the employee contributions to be quickly re-allocated to the correct fund, which can save time and expense for bookkeepers who otherwise must chase lost super payments.
“While we hear a lot of discussion about the disruptive nature of so-called fintech, the true test of any new technology is not only its disruptive capability but its ability to enhance the user experience,” said InPayTech CEO Robin Beauchamp.
“And this is precisely what the legion of bookkeepers in Australia will grow to love about PayVu,” Beauchamp concluded.