User Benefits

The business model which underpins Ozedi is based on a commercial community approach involving a broad number of participants, all of whom have to contribute to ensure the successful completion of a transaction. So that every party has an incentive to be involved, the Ozedi business model ensures that all participants in a transaction receive a benefit in some form or another. Ozedi is particularly suited to the SuperStream initiative which involves 800,000 businesses communicating  contribution details with 4,000 APRA funds and 500,000 Self Managed Superannuation Funds (SMSF). In addition, the APRA funds have to send and receive superannuation rollovers electronically to and from each other and this part of the Ozedi Contributions Hub has been in production since 2013.

SuperStream is a vast project, and made even more challenging by using a new technology standard which is not yet in use anywhere in the world. It is an outstanding opportunity for Australia to lead the way in this new field and the best way for the SuperStream project to succeed is if all the participants all work together in a harmonious fashion. The key participants are:

  • 800,000 employers who are going to generate the majority of SuperStream transactions
  • The payroll bureaux  and payroll software providers who are going to have to implement SuperStream in the 800,000  businesses
  • The fund managers and funds who have to send and receive rollovers and receive contributions from employers
  • The software providers and IT departments which  have to implement SuperStream at funds and fund managers
  • The 500,000 SMSFs which will have to receive contribution details in SuperStream format
  • The Australian Taxation Office which is has oversight of the SuperStream project

Most small superannuation funds don't have the technical or financial capacity to implement the SuperStream technology in-house, so Ozedi has built a Contributions Hub to make the processing of contributions and rollovers simple for SMSF's and APRA funds.