Rest, one of Australia’s premier profit-to-member superannuation funds and a key ally of Link, has entered into a trial partnership with workplace compliance solutions provider Wrkr (ASX: WRK). The collaboration aims to test various innovative solutions that could reshape the landscape of superannuation administration.
Rest manages about $75 billion in funds with nearly two million members and is set to leverage its position to pilot new employer services. On the digital front, Rest has the widely used “Rest App” used by almost 10,000 members daily. With the Wrkr contract, Rest aims to advance its employer and member experience within the superannuation sector.
CEO of Wrkr, Trent Lund, said, “We are pleased to collaborate with Rest, one of Australia’s largest profit-to-member superannuation funds committed to transforming the employer and member experience. Through our collaboration with Link and now Rest, Wrkr aims to set an innovative benchmark for funds in supporting their employers ahead of the proposed Payday Super reforms.”
This contract follows Wrkr’s signing of a three-year contract with financial services company Link, valued at an estimated $3 million, in November 2022. Adding to that contract, in September 2023, the contract expanded to include its employer services solution. The collaboration includes a branded Employer Portal, Clearing House, and Gateway services. Link’s decision to adopt Wrkr’s platform underscores its aim to make client funds more tech-forward.
The trialled services, including Wrkr’s digital onboarding, will be tested with a select group of Rest’s employers (comprising retail giants Coles and Woolworths, among others), showcasing the platform’s potential to enhance member and employer experiences during onboarding and the contribution payment process.
Rest Chief Service Officer Brendan Daly commented, “Onboarding and payroll processes associated with superannuation can create friction for employers when it comes to meeting their obligations. This can flow through to how funds engage with members and, therefore, how well these members engage with their super. Employers will soon be expected to meet increased superannuation obligations.”
“We are focused on helping employers through these changes as this will ultimately support members to achieve their best-possible retirement outcomes.”
Wrkr has already demonstrated benefits for employers using its solutions, including enhanced user security, improved productivity, reduced errors, enriched employee experiences, and improved adherence to compliance requirements.
In Q1 FY24, Wrkr’s revenue increased by 14% on Q4 FY23 to $2.02 million. Its cash receipts from customers also saw an uptick, rising by 43% on a year-on-year basis to $1.89 million.
As Wrkr positions itself for the anticipated Payday Super changes scheduled for July 1, 2026, the integration of Pay, Super, and Single Touch Payroll functionalities is expected to drive efficiency and support the forthcoming reforms. The Company anticipates these efforts will result in a notable platform and employer experience offering for Link’s client funds.
For the second quarter of FY24, Wrkr’s focus is on making the most of its Link partnership and improving its digital solutions to boost uptake.
Alinda is a Business Reporter for The Sentiment
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