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Overview of swimEC

What is the swimEC Program?

The swimEC program is an amalgamation of the SuperEC and MFundEC programs.

The SuperEC program is an initiative of the superannuation industry in Australia that aims to deliver industry-wide cost reductions and efficiency gains by promoting industry message standards for electronic commerce.

The MFundEC program is an initiative of the managed funds industry in Australia that aims to deliver industry-wide cost reductions and efficiency gains by promoting industry message standards for electronic commerce for the Australian Managed Funds System.

The swimEC program:

• Creates the standards, relationships and processes for the automated exchange of superannuation and managed funds information across all industry stakeholders
• Assists members to roll out the finalised standards into production.

The implementation of the swimEC standards enables participants to:

• Increase efficiency by integrating systems with electronic gateways, automatic exchange of data and transfer of funds
• Eliminate the use of multiple, expensive proprietary interfaces for messages among industry organisations, and allow administrators, payroll providers and SMEs and financial advisers to focus on core functional delivery
• Decrease administrative costs by re-engineering internal business processes
• Decrease costs by eliminating errors due to data entry and use of paper for transfer of information
• Decrease costs of responding to member and investor enquiries
• Decrease resources required for administration enabling resources to be reallocated.

It is expected that the adoption of standards-based electronic commerce can provide cost reductions in excess of 20% for specific transactions.

Information on the history of SuperEC and MFundEC is available.

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Page Last Modified: 7 March 2005

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