Enterprise SMSF software SuperMate , from SuperConcepts, has announced that it launched a new bank account verification capability aiming to support administrators in minimising fraudulent activities. Intending to help administrators reduce the risk of fraud, SuperMate introduced a bank account verification feature that requires an in-built separation of duties to authenticate account details for ATO refunds and transactions.

Through this, the company works towards integrating an additional layer of security to vulnerabilities in the ecosystem. As fraud currently represents a concern for the accounting and financial services industry, SuperMate launched this capability to further assist its large enterprise clients and firms that intend to minimise the risk of fraud in their business. Furthermore, the bank account verification feature comes as part of an investment made to SuperMate over the last twelve months.

Additionally, the firm invested and centred its efforts on workflow automation, property processing, adviser and client portals, and integration with industry platforms. According to officials, the launch of the bank account verification feature intends to advance SuperMate’s position in the industry and allow it to become the chosen technology partner for firms delivering SMSF services. Also, SuperMate plans to provide a dedicated migration team which can ensure a simplified and optimised transition for new clients from other platforms.

SuperConcepts’ offering As a participant in the SMSF administration market, SuperConcepts delivers SMSF and investment administration and technology solutions to trustees, investors, and professionals. In addition to SuperMate, the company also provides software for portfolio management, as well as an ecosystem for minimising manual data entry and improving accuracy with over 260 data feeds available. In addition, SuperConcepts focuses on supporting SMSFs in administrating their operations through guidelines on how to establish their business and documentation solutions, among others. The company’s offering includes SMSF Education features, which offers a specialist course, online training, and SMSF 101.

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