Fund trustees, through a digital service provider, should submit the new product details as soon as possible before the new data is to take effect.
When submitting details for a new USI, or updating bank details, it's important to first lodge a Financial institution account verification contact details template through Online Services for Business. Once approved, the lodge super product (FVSU) transaction should then be submitted.
Ensure all information is accurate and complete to avoid any processing delays. After submission, it's important you verify the new USI has been correctly registered and is active.
If you're updating critical data, it's best practice to provide these details immediately but at least 28 days before they become effective. This lead time allows gateways and clearing houses to adequately reflect the updated information.
Updates to critical data include changes to:
- bank details
- end-point service address
- end-dating.
For more detailed information, refer to our Fund Validation Service User Guide
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