GBST Digital has finalised the integration of new functionality that will enables online superannuation funds to support ID verification in real-time to meet ATO compliance.
The old system for ID verification involved trustees of eligible super funds simply needing an individual’s tax file number to search for superannuation records via SuperMatch, a service provided by the ATO which enables trustees to obtain details for active superannuation fund accounts. This SuperMatch service is performed when a customer is trying to locate their super to rollover funds from one provider to another, or when they are applying to become a member of a fund online.
Following the ATO’s updated requirements relating to the SuperMatch service on 31 July 2020, superannuation funds must now complete ID verification of a user prior to utilising the SuperMatch service. The user’s name, address, and date of birth must be verified against two reliable documents, including one primary Government ID such as a driver’s licence or Australian passport.
Brianna Dobing, Digital Manager at GBST, said: “GBST’s expertise in integrating with ID verification APIs such as RapidID, has enabled it to deliver a solution that supports super funds in meeting the new, stricter ATO obligations. By allowing users to verify themselves online, this new functionality removes the accidental human error that can occur when scanning or faxing ID verification documents.
“GBST’s new functionality will allow an organisation to seamlessly integrate ID verification without compromising the user experience during the sign-up process. Members will now be able to perform functions such as signing up and consolidating their super in less than 60 seconds. Financial services organisations will no doubt benefit from this faster onboarding process as it delivers an enriched customer and brand experience.”
Rob DeDominicis, CEO at GBST, said: “Verifying member identity is not only critical, but a regulatory requirement. Helping our clients to be legally compliant and highly efficient at the same time using technology, is a key part of what we do every day.”
The GBST Digital team works with financial services clients worldwide to improve brand reputation, build brand advocacy, and enhance online customer journeys and interactions. By combining this with GBSTs wealth management offering, it delivers a comprehensive end-to-end solution to meet superannuation industry needs. GBST’s customer experience experts create bespoke digital solutions for financial institutions from calculators to portals, apps, integrations, and more.
Media contact
Andrew Byrne, Marketing, GBST
(02) 9005 0922
andrew.byrne@gbst.com
Posted in: GBST Digital, Wealth Management Administration
