According to SuperMate, the new feature requires an in-built separation of duties to verify the bank account details for ATO refunds and SuperStream transactions, adding an “extra layer of security to what may be considered vulnerabilities in the eco-system”.

“Fraud is a serious concern for the accounting and financial services industry,” said Matthew Rowe, CEO of SuperConcepts.

“This is a crucial feature for large enterprise clients; and firms that are seeking to reduce the risk of fraud in their business.”

The addition is part of what SuperMate said was a significant investment over the last 12 months, with the company spruiking its investments in workflow automation, property processing, adviser and client portals, and integration with industry platforms.

“Bank Account Verification feature is further proof that SuperMate is the ideal technology partner for firms offering SMSF services at scale,” said Andy Forbes, chief technology officer at SuperConcepts.

In July, SuperMate announced an integration with Macquarie Bank’s Cash Management Account (CMA) to streamline the SMSF establishment and bank account opening process.

This integration assists SMSF establishment with Macquarie CMA opening in SuperMate, eliminating the need for manual data entry and dual keying.

"SuperMate is known for its intuitive and user-friendly design, consistently setting the standard for SMSF software," Forbes said at the time.

"Account opening and automatic saving of account details in SuperMate will save valuable time for SMSF administrators, advisers, accountants, and clients.”