The Commonwealth Bank of Australia and National Australia Bank have become the latest lenders to sign up to the SMSF data software, Class Super.
Class Super is a cloud-based network which sends real-time updates to SMSF managers.
"Data feeds allow SMSF administrators to perform complex fund processing, including fund compilation, reconciliation and tax returns in hours, not weeks," Class Super chief executive Rajarshi Ray said.
"SMSF administrators entering data manually are running out of time. In the future, they simply won’t be able to compete with those using automatic data feeds."
According to Mr Ray, Class Super also enables account data, from almost 200 institutions, to be automatically uploaded with the reduced risk of mistakes from manually entering the data.
"SMSF managers using the Class Super software and fully automated data feeds have reported up to ten times faster funds processing than those using legacy-based and manual systems," he said.
CBA and NAB join Macquarie and Westpac in using the system.