APRA selected an international consortium to deliver the new Data Collection Solution that will be used across the financial sector to meet data reporting requirements. It selected a software system developed by the Irish company Vizor Software to replace its existing data reporting system, Direct to APRA (D2A). Furthermore, Dimension Data from Australia was selected to deliver the new solution, which will be used by more than 4,500 financial sector entities to meet their regulatory reporting requirements to APRA. The new Data Collection Solution is due to come online in March 2020, following further engagement with industry involving testing and training on the new system.
The joint tender by the companies was chosen from among a field of domestic and international companies and consortia that responded to last August’s Request for Tender, seeking an off-the-shelf, minimally customized solution to become the new data collection system of APRA. 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 the core data collection capabilities of APRA. Vizor Software has a proven track record, having provided the platforms that are used by a number of APRA’s international peers for regulatory data submissions. APRA will shortly release an initial implementation plan outlining more details of its roll-out plan.
Replacing D2A with the new Data Collection Solution is part of the broader data modernization program, designed to ensure that APRA keeps pace with advancements in data, analytics, and technology. APRA has formed three groups to provide guidance and direction for key decisions and how to implement the transition from D2A—namely, Strategic Industry Reference Group, Technical Working Group, and Software Vendor Working Group. According to APRA, the new solution is expected to adapt as reporting requirements and technology continue to evolve, will reduce the ongoing maintenance and support costs, and will feature a modern, intuitive user interface.
Keywords: Asia Pacific, Australia, Banking, Insurance, D2A, Data Collection Solution, Reporting, Vizor Software, APRA