Submission – Public consultation on the future vision for account-to-account payments in Australia

The Super Members Council (SMC) welcomes the new A2A framework, which will enable super contributions to move rapidly, often in near real time, from employer to fund, minimising payment delays that can otherwise leave workers’ super unpaid or at risk of loss.

The A2A framework will support greater transparency and inclusivity, as real-time payment data allows employees, funds and the Australian Taxation Office (ATO) to better track super entitlements and employers to more easily meet their obligations. The New Payments Platform (NPP) should ideally support rapid, safe, and accurate transactions – such as high-volume and bulk payroll and super contributions. This capability will become increasingly critical following the implementation of new payday super reforms.

As a part of a robust super system, contributions must be securely managed with strong fraud and scam prevention measures. Modern payment infrastructures like the NPP will have a positive impact on members’ experiences in the super system. The A2A changes will preserve members’ financial security while also building confidence and trust in the super system. The coordinated efforts across Australia’s financial services sector will collectively enhance consumer protection and foster greater public confidence by reducing scam and fraud activity and combatting unpaid super.