Oban's stand at the 2023 ASFA conference was themed around the use of digital currency in addressing the issues surrounding the upcoming introduction of payday super
The introduction of Digital Currency has breathed new life into the SuperStream Payments world. Digital Wallets see the removal of the dependency on intermediary bank accounts, and because Oban is notified when the Fund-linked Member Wallets receive Digital Currency, reconciliation of the payment & data is performed BEFORE the CTR message is sent to the Registry. This allows the Fund's registry provider to confidently allocate contributions to Members immediately upon receipt of the CTR message.
A process that usually takes many days can now be performed in a matter of minutes. However, it doesn’t stop there:
- Funds today struggle to keep up with the volume of exceptions generated by the existing payment paradigm, and now with Payday Super looming this situation will be exacerbated. The introduction of a Smart Contract eliminates this problem by ensuring that money does not leave an Employer’s bank account until it is guaranteed that it can be allocated to Members.
- Exceptions are reported back to the Employer in real-time, thus allowing them to correct the details in error and resubmit
- The atomic nature of the Smart Contract enables MATS messages to be sent to the ATO in real-time