Class Super Claims a First in Race to Release SMSF Cloud App
Software company Class Super has released a browser version of its fund management desktop program for self-managed superannuation funds (SMSF) less than a month before industry heavyweight BGL.
The first 12 users would go through induction next week and Class Super would slowly bring on more customers as it tested the system. It aimed to sign up 400 users by March.
Last week BGL, which held the dominant share in desktop-based fund management programs, announced an open beta for its cloud app, Simple Fund 360, with a commercial release on 19 March. BGL’s managing director Ron Lesh claimed the app had already signed 400 users in its private beta program.
Class Super was simpler to use than the desktop version, with the number of steps in navigation halved. Users could move seamlessly between the desktop and the browser versions. It had a new user interface and could be used through a browser on smartphones and tablets.
Class Super had 45,000 funds on its Windows desktop app but had decided to create an online version.
“It is a complete, end-to-end SMSF solution,” said Class Super CEO David Smith. The browser app included automated direct data feeds, complex functionality groupings and analysis, tracking contribution caps and pension limits; lodging of tax returns, actuarial certificate integration, automatic property valuations and automated dividend and outstanding corporate actions.
User data was stored in Class Super’s data centre in Australia. The redesign took eight months to develop.