05 November 2018

Bank of England selects Vizor Software for Data Collections Platform

The Bank of England has awarded Vizor a long-term contract for the Bank’s strategic data collections system following an extensive evaluation and procurement process.

Today, Vizor Ltd. announced that the Bank of England has awarded the company a new long-term contract to supply and implement its data collection platform. The Vizor solution for financial supervisors provides the capability to collect regulatory, non-regulatory, statistical and financial data from a wide range of reporting organisations.

Of importance in the evaluation process was the ability to grow with the Bank's needs, allowing the Bank to rapidly add new data collections at a reduced cost. The project will see several legacy systems replaced and their data collections consolidated in the new platform. It will also allow the Bank to deploy ad-hoc collections and incorporate additional functionality themselves as and when needed.

“Vizor software already enables a number of data collections at the Bank. This new contract delivers the platform and an advanced toolset that can rapidly adapt to meet future needs” commented Beju Shah, Domain Lead - Data Collection & Publication at the Bank of England.

“We are delighted to be selected by the Bank of England for such a strategic collection system” commented Conor Crowley, CEO of Vizor. “The delivery includes the latest generation of Vizor Builder which will equip the Bank’s internal teams with the tools to rapidly extend and modify data collections in a self-service manner.”

The multi-million-pound sterling award has an initial contract term of four years from implementation of the system with the option of follow-on contract extensions.

About the Bank of England:

The Bank of England Prudential Regulation Authority (PRA) regulates and supervises approximately 1,500 banks, building societies, credit unions, insurers and major investment firms in the UK. For more information on the Bank of England visit: bankofengland.co.uk/about