What is Banklink?

What is the BankLink Service?

BankLink is a service that provides the ability for the transactions of your fund to be securely provided to Supercorp in an electronic format.

  • Your Super Fund completes transactions through a bank account
  • Transactions are recorded by your bank and other financial institutions
  • Supercorp receives the information transactions electronically and the data is loaded into our
    • accounting package to update your fund transactions.

How does BankLink work?

Trustees are required to sign an Authority Form. Once this has been signed and returned to Supercorp, BankLink is able to receive an electronic copy of your transaction information directly from your financial institutions. This in turn is then available for Supercorp to load into our accounting package.

While we still only process the information annually, the majority of transactions will have been automatically allocated to the correct account, such as dividends. These are recognised by the system through the transaction description and can be more or less successful depending on the bank generating the information. Some transactions will require further information e.g. contributions, pension payments etc as we cannot know this information unless we have been provided with documentation by the Trustees. If we have received your paperwork most items will be able to be allocated. Any transactions which are not able to be allocated will be placed in a clearing account to be investigated by an accountant. Once everything has been allocated that can be, an email will be sent requesting clarification of any outstanding items.

How Safe is my Information?

BankLink is a secure system that abides by strict international security measures in accordance with the requirements of all the major banks. The transaction data is in encrypted form and cannot be accessed by anyone other than Supercorp.

Supercorp cannot register you with BankLink until such time as a signed authority has been received. At no time can BankLink or Supercorp change the details or transactions that have taken place. You do not need to supply your internet access or Banking PIN. BankLink is a totally separate system from internet banking. It is simply an electronic copy of your bank statement.

What are the advantages of BankLink?

The use of BankLink simplifies the administration of your fund and allows us to receive complete and accurate information of your funds transactions. Whilst you will still be required to supply us with paper copies of documents for Audit purposes, using BankLink will ensure greater accuracy compared to manual data entry which suffers from human error.

Also, by analysing the information that has flowed through your bank account we are able to assist you more readily to indentify any missing information and this is often helpful to track it down. Finally, loading information electronically also provides more efficiencies when it comes time to complete BAS and IAS Returns.

What are the added costs of BankLink?

The BankLink service is not free but Supercorp will absorb the costs and they are not passed on to our clients. Other organisations charge their clients additional fees for allowing the use of BankLink but our focus is on efficiency and accuracy along with providing you with exceptional service.

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