04 March 2016

Bank of England Prudential Regulation Authority Select Vizor

Today, Vizor Ltd. announced its financial regulatory technology will be implemented at the Bank of England where it will be used to meet the Bank’s Solvency II requirements for data collection, business data validation, and plausibility checking.

Though we are trusted by Financial Regulatory Authorities around the world for the collection and validation of highly complex data from Financial Institutions, it is certainly an honour to be working with one of the oldest and most historically significant central banks in the world,” remarked Conor Crowley, Managing Director and Vizor co-founder. “Especially on a programme of regulatory requirements as comprehensive as Solvency II.”

Jonathan Curtiss, Head of Programmes and Transformational change said: “The Bank of England chose Vizor after a rigorous tender process as it was the best fit to meet our Solvency II data collection requirements within tight deadlines”.

The Bank of England will gain significant efficiencies from the implementation of Vizor’s Solvency II data collection templates and XBRL taxonomy configuration in the following core areas:

  • Operational reporting
  • Business to business capabilities
  • Data uploading, processing, and sharing
  • User Management

The Bank of England is the central bank of the United Kingdom. The Bank was founded in 1694 with a founding charter that stated its purpose was to “promote the public good and benefit of our people”. The Bank of England’s purpose today reflects that vision first articulated by our founders. Our mission: to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.