APRA picks vendors for reporting system overhaul
The Australian Prudential Regulation Authority (APRA) has selected a consortium consisting of Australia’s Dimension Data and Irish software company Vizor Software to deliver a new data collection solution for the financial sector.
Dimension Data has been selected to deliver a software solution from Vizor Software to replace APRA’s ageing data reporting system Direct to APRA (D2A).
The new system will be used by more than 4500 financial sector entities to meet their regulatory reporting requirements to the agency.
Vizor Software will provide a web-based system that uses the same software that underpins the platforms used by many of APRA’s international peers.
The companies secured the contract by submitting a joint tender to a request from the agency for an off-the-shelf, minimally customised data collaction solution capable of replacing D2A, which was released in 2001 and is increasingly showing its age by posing difficulties using and maintaining.
“APRA is very pleased with the outcome of the tender process. We are confident this partnership will deliver a robust solution that will allow financial companies to report data to APRA more quickly, efficiently and accurately,” APRA Executive General Manager for Risk and Data Analytics Sean Carmody said.
“Reliable data is critical for monitoring the institutions APRA supervises, and to allow APRA and other agencies to protect the Australian community by ensuring the stability of the financial system.”
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