Cloud SMSF administration software provider, Class, has collaborated with peer-to-peer lender, RateSetter, to provide self-managed superannuation fund (SMSF) accountants and their clients with a direct-connect date feed.
This would allow for automated data entry and transactions processing within Class.
Class chief executive, Kevin Bungard, said the increase in digitisation in the finance sector was appealing to all ages and would allow for a streamlined execution of necessary tasks.
Related News: SMSFs to prosper despite Budget
“Some industry commentators have previously suggested that peer-to-peer lending may be more attractive to Gen Ys,” he said.
“RateSetter experience has shown that a significant percentage of SMSFs, which typically comprise older age groups, are very much on board with the concept and keen to embrace innovation.”
RateSetter has facilitated more than $50 million in loans through its platform since it launched in 2014, with SMSFs providing the funds for close to a quarter of the loans.
RateSetter head of business, Andrew Jones, said: “Given the historical low cash rates and ongoing uncertainty in world markets, there is a real shift in where SMSFs are looking to invest”.