Westpac said its real-time super program comes after a pilot with more than 100 default fund employers, with the first-ever real-time payment into QuickSuper made via construction superannuation giant Cbus’s QuickSuper Clearing House.
The pilot also included a trial payment into QuickSuper from a Western Australian employer, where the clearing house received the payment in real-time and provided immediate feedback to the employer.
“Even better, the member contributions were received and invested by the super funds a full business day earlier than would otherwise occur, so this is a great news story for all participants,” said Grant Doherty, Managing Director of Qvalent, which is behind QuickSuper.
Australia’s payday super plan
Westpac’s program comes ahead of the government’s plan to implement payday super starting July 2026 in a bid to address unpaid super.
Doherty said payday super is a win for individuals, but urged employers to prepare for the responsibilities of more frequent payments under payday super, as well as anticipate cash flow issues that more regular super payments may impose.