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    APRA Grants License to IN1Bank, to Go Live with APRA Connect Testing

    June 24, 2021

    APRA revoked the license for Investec Bank plc, at Investec's request, and granted IN1Bank Ltd an extension of its license to operate for a limited time as a restricted authorized deposit-taking institution under the Banking Act 1959. At present, IN1Bank is the only restricted authorized deposit-taking institution in Australia. In another development, APRA is set to go-live with the test environment for the new data collection solution, APRA Connect, on June 17, 2021. The test environment will be available for users to become familiar with APRA Connect and for trial submission of data for industries with new collections before they need to submit in the APRA Connect production environment from September 13, 2021.

    APRA also published Taxonomy artefacts and additional technical information for superannuation data transformation collections and HRS 605 on private health insurance reform data collection to help entities prepare data and trial submission on APRA Connect test environment. The artefacts include the data dictionary, validations, reporting taxonomy, and XSD (to validate files). Artefacts should be used in conjunction with the relevant reporting standard. Where there is a difference between the artefacts and the reporting standard, the reporting standard should be referenced for final versions of definitions and reporting instructions.

    APRA Connect test environment will be a permanent feature. Returns will be available in the test environment before entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and APRA’s consultations with industry. The APRA Connect test environment will help entities, service providers, and regtech firms to:

    • Familiarize themselves with the features and functionalities of APRA Connect
    • Trial data submission to identify any changes required to data preparation
    • Engage with APRA on new collection design

     

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    Keywords: Asia Pacific, Australia, Banking, APRA Connect, Test Environment, Regtech, Data Collection, Reporting, Restricted API, IN1 Bank Limited, Banking Act, Superannuation, Investec Bank, APRA

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