The Australian financial landscape is on the cusp of a significant transformation, driven by the increasing adoption of real-time, account-to-account (A2A) payments.
This shift, championed by innovators like Zepto and supported by key industry players, is poised to dramatically enhance Australia's superannuation and payroll ecosystem, leading to greater efficiency, transparency, and a significantly improved experience for all stakeholders.
At the 2025 'Beyond Tomorrow' summit in Sydney, hosted by Australian Payments Plus (AP+), Zepto gathered insights from leading subject matter experts on the profound opportunities that real-time A2A payments present.
The Scale of the Opportunity: Numbers Don't Lie
Chris Denney, President at Digital Service Providers Australia New Zealand (DSPANZ), illuminated the sheer scale of the payments processed through Australia's payroll and superannuation systems, underscoring the immense potential for the New Payments Platform (NPP) to drive change.
"The amount of payments that are processed by the software industry on behalf of employers is massive. We're talking about $1.6 trillion in salary and wages that are paid annually. We're talking about $1.44 billion in contributions that are paid annually. So, just those payments alone give us a pretty clear reference point as to where the opportunity is around the NPP."
Chris Denney
The superannuation sector, in particular, stands to benefit. With approximately $120 billion paid out annually in pension payments, and this figure steadily increasing as the population ages, superannuation funds are under growing pressure to deliver better processes and enhance engagement with individuals.
Payday Super: The Catalyst for Real-Time Change
A major driver for the adoption of real-time payments in superannuation is the upcoming 'Payday Super' legislation. Announced as a draft law, this measure mandates that employers meet their super obligations on the same day salary and wages are paid, with a seven-day window to ensure the payment reaches super funds. The government has affirmed a 1 July 2026 start date for this initiative.
Katrina Stuart, Executive Sponsor for the Move to NPP at Australian Payments Plus, highlighted how this legislation creates a pivotal moment for the industry.
"So I think with payday super legislation coming in whereby, you know, superannuation payments are going to have to be made at the same time as payroll, that creates an opportunity for the industry to think about, not just how those payments need to get made but other opportunities for improvement as well."
Katrina Stuart
The tighter deadlines, particularly around payment returns and rectification – where organisations will have just three days to resolve issues and ensure super reaches employees – is where the NPP truly shines. As Chris Denney eloquently put it, "NPP is really the rail that is going to give us the outcome of being able to implement that measure successfully." This direct, real-time rail will allow employers to send payments to super funds as quickly as possible, enabling prompt reconciliation, allocation, or return.
The Australian government's aim with Payday Super is to strengthen the superannuation system and provide a more dignified retirement for workers. Modelling suggests a 25-year-old median income earner could be $6,000, or 1.5 per cent, better off at retirement due to more frequent contributions. It's also expected to streamline payroll for businesses and curb exploitation by unethical employers.
Zepto: Leading the Charge in Real-Time Superannuation
Zepto, as a real-time, account-to-account payments infrastructure provider, is at the forefront of this transformation. Chris Jewell, President and Co-founder at Zepto, articulated the company's commitment to leveraging the NPP for greater efficiency in superannuation payment flows.
"You've got payment players like Zepto that are really progressive in terms of their application to leverage the NPP to really streamline a greater efficiency in that superannuation payment flow," said Chris Jewell.
"This progression around payday super for us is something that we feel very strongly about because we've got a technology layer that can deliver it and we've got a willingness of some of the most progressive payroll customers that want it to happen, and so now we've just got to come together collectively to make it happen. So, we're looking forward to going deeper into that superannuation space."
Chris Jewell
Zepto is already SuperStream compliant, meaning its infrastructure can facilitate real-time superannuation payments over the NPP, as well as via traditional BECS payment rails. SuperStream, the Australian government's standard for electronic superannuation data and payments, is significantly modernised by real-time capabilities.
The Benefits of Real-Time Superannuation Payments
The adoption of real-time A2A payments through the NPP offers a multitude of benefits for the Australian superannuation ecosystem and beyond:
- Faster Processing and Improved Accuracy: Real-time payments ensure that superannuation contributions are processed almost instantly. This drastically reduces the risk of payment delays or incorrect payments, ensuring funds reach employee accounts more quickly.
- Enhanced Visibility and Control: Employers gain up-to-date information on the status of their employees' superannuation contributions. They can track and monitor contributions in real-time, which is crucial for timely and accurate payments and meeting compliance obligations.
- Reduced Operational Costs: Automation of manual processes, such as reconciliation, significantly cuts down on administrative burdens and associated costs for super funds and employers.
- Improved Member Experience: Faster processing times, digitsed payout processes, and improved accuracy lead to a more seamless and satisfying experience for super fund members. They gain faster access to their funds and clearer visibility of their contributions.
- Timely Investment and Better Cash Flow: Real-time receipt of contributions allows super funds to invest money more quickly, potentially leading to higher returns and more precise cash flow forecasting.
- Enhanced Compliance: Real-time systems inherently reduce human error in data entry and reconciliation, improving compliance with regulatory requirements like SuperStream and the upcoming Payday Super.
- Data-Rich Payments: The NPP enhances data capability, allowing for richer payment data, such as PRNs and contribution types, to be sent alongside payments. This improves data quality, facilitates payment reconciliation, and ensures timely returns of unallocated payments.
- Seamless Integration: Zepto's API enables seamless integration, linking payment data directly to SuperStream data, minimising entry errors and streamlining the entire process.
- Transparency and Safety Nets: Solutions like Zepto’s stored value solution provide transparency and safety nets, allowing for prompt quarantining of returned contributions.
A Call to Action for Progress
As Chris Denney reminded, "It's a really good reminder for all of us that progress has been made. If we don't get on to delivering at least our roadmap for NPP, we run the risk of falling behind." The opportunity is clear, and the legislative push with Payday Super further emphasises the urgency.
The collaboration between progressive payment providers like Zepto, industry bodies like DSPANZ, and regulatory authorities like AP+ is crucial to collectively drive this transformation. By embracing real-time, account-to-account payments, Australia can unlock unprecedented efficiencies, improve compliance, and ultimately deliver a superior experience for employers, employees, and super funds in the nation's vital superannuation and payroll ecosystem.