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.
Bank transactions, data set for big changes
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.
“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.