03 April 2019

APRA selects Vizor Software for new Data Collection Solution

The Australian Prudential Regulation Authority (APRA) has selected Vizor Software for a new Data Collection Solution that will be used across the financial sector to meet data reporting requirements.

Today, Vizor Ltd. announced that APRA had selected its software solution to replace the existing data reporting system, Direct to APRA (D2A). The new system will be used by more than 4,500 financial sector entities to meet their regulatory reporting requirements to APRA. Vizor jointly tendered with Dimension Data who were selected as the implementation partner for the project.

The new Data Collection Solution will replace the D2A system, which was released in 2001 and has become increasingly challenging for both industry and APRA to use and maintain. In its place, Vizor will provide a modern, efficient, web-based system, improving APRA’s core data collection capabilities.

“We are delighted to have been selected by APRA as part of their modernisation program” commented Conor Crowley, CEO of Vizor. “The completeness of our off-the-shelf product allows us to meet the project requirements with only minimal customisation and provides a platform that can be adjusted in line with future needs.”

The new Data Collection Solution is due to come by the end of 2020, following further engagement with industry.

Reporting entities, ADIs, Superannuation and Insurance, are responsible for managing its own readiness for the new reporting requirements. To help entities face the challenge regarding new regulatory reporting requirement, Vizor has developed the first solution to automatically synchronise with all APRA data models and rules published on the new APRA Connect. This eliminates complex system upgrades and reduces the cost and impact of future regulatory changes.

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