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Bank transactions, data set for big changes

Super

New payments platforms being developed by Australian banks will significantly increase the level of data and automation available from bank transactions, according to one accounting technology veteran.

By Miranda Brownlee2 minute read

Smithink founder David Smith said a new payments platform being developed by the banks, which is set to be launched early next year, provides an automation capability for complex structures, including SMSFs.

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“The new payments platform is going to significantly increase the data that is sent along with the bank transaction,” said Mr Smith.

“That will enable the administration platforms to pick up greater amounts of data from bank transactions and will improve the ability to interpret what the transaction is about and automate the processing of those transactions even further.”

Mr Smith said he also thinks the SMSF administration platform providers will expand the number of data feeds they have to cover more exotic investment products and international investment products.

“The goal is always to automate as many transactions as one humanly can,” he said.

 

Bank transactions, data set for big changes
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Miranda Brownlee

Miranda Brownlee

AUTHOR

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

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