Gateway operators have established a network to facilitate the transfer of electronic data messages compliant with the SuperStream Data and Payment Standard (the Standard).
On 21 February 2014, the Assistant Treasurer announced that the ATO would:
- provide stewardship of the SuperStream gateway network for two years, transitioning to industry self-regulation in 2016
- convene a governance group and provide clarity and certainty to gateway operators and other members of the superannuation industry regarding the network’s operations
- facilitate industry agreement on the establishment of a self-regulated, industry-funded governance body.
After consulting with gateway operators and other key stakeholders on this brief, it was decided that the following committees would form part of the gateway governance framework:
- SuperStream Reference Group – to provide executive-level industry leadership and a forum for resolving issues related to the implementation of the SuperStream reforms. Among other things, it would focus on industry readiness for contributions and establish an approach and design for developing the long-term governance arrangements (including hand-back to industry).
- Gateway Operators’ Group – to consider operational matters specific to the gateway operators and deal with issues escalated from normal business operations. The group would address short-term priorities for network stabilisation to ensure readiness of the network for July 2014 implementation of contributions in the Standard and ensure consultation and key messages are provided to industry.
Gateway Network Governance Body proposal endorsed
CEOs from the following organisations met on 22 October 2015 and endorsed a co-sponsored proposal outlining the development and formation of a gateway network governance body:
- Australian Business Software Industry Australia (ABSIA)
- Association of Superannuation Funds of Australia (ASFA)
- Australian Chamber of Commerce and Industry (ACCI)
- Australian Institute of Superannuation Trustees (AIST)
- Australian Payments Clearing Association (APCA)
- the Financial Services Council (FSC).
Subject to further due diligence work, the high-level proposal sees the establishment of a non-profit company in mid-2016 whose charter and scope is to oversee the SuperStream gateway network and its operations. This new entity will take over the stewardship role previously provided by us.
The co-sponsoring organisations confirmed their commitment to the next phase of work involving developing a detailed business case and supporting funding model. The CEOs welcomed the news that we are seeking to provide seed funding to cover initial set-up costs and the first two years of operating costs.
A series of consultant-led workshops will now be conducted through to early 2016.
We convened an external expert panel to provide a preliminary assessment on whether the proposal was fit for purpose. The panel supported the proposal with a number of recommendations to be considered in the next phase. The panel will conduct further assessments as the business case is developed.
We will continue to keep the wider SuperStream stakeholder community informed as this process develops, in particular in seeking broader input at key milestones.
A Gateway Network Governance Body will have responsibility for industry self-regulation to facilitate the transfer of electronic data messages compliant with the SuperStream data and payment standard.