5 October 2021, Sydney - SolveXia and Vizor Software have partnered for the Australian market to provide a comprehensive, end-to-end solution for APRA Connect reporting that will increase the quality of regulatory reporting while reducing the time and effort required in regulatory compliance.
The joint solution allows financial institutions in Australia to accommodate local requests in a timely and cost-efficient manner. It automatically consumes published machine-readable regulatory rules and data models directly from Australia’s regulatory system. By leveraging the same software as the Australian regulator through the Vizor Software platform, the preparation and validation of regulatory data are more of a machine-to-machine task, and both financial institutions and regulators can instead focus on data analysis and risk management.
“Working closely with APRA to develop and deliver the new APRA Connect platform enabled us to truly understand key challenges Australian reporting firms have – high costs of regulatory reporting and a very manual submission process. By using the same technology and rule engines as APRA, FIs can significantly reduce the administrative burden and compliance risk. Our APIs provide machine-to-machine communication so that both FIs and the regulator can layer automation on to their existing processes and technology investments, making them more efficient and proactive.”, said Joanne Horgan, Vizor´s CIO.
This seamless alignment between the regulator and financial institution systems will facilitate an on-time and high-quality submission of regulatory reports, while also reducing the cost and effort associated with new or changing reporting requirements.
“Our integrated solution supports audit-ready end-to-end regulatory compliance and brings immediate benefits for financial institutions, such as fast time-to-market (ensuring instant compliance with APRA) and a significant decrease in manual errors with submission data. We are happy that we can contribute to the reduction of the burden of regulatory reporting in Australia.”, said Mark Schneider, SolveXia´s Managing Director.
The joint solution is simple to use and cost-effective. It includes a detailed status dashboard, editable forms and allows for customisable management approvals at any stage of the process. No infrastructure or installation is required. Fast onboarding is available within a 4-6 week timeframe, with the latest customer going live in the same week APRA Connect went live, providing an immediate compliance effect.
The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that supervises institutions across banking, insurance and superannuation and promotes financial system stability in Australia. APRA Connect is a new data collection platform that will gradually fully replace the Direct to APRA (D2A) system used by all banks, funds managers, insurers and superannuation funds in Australia. More here.
SolveXia is an experienced provider of best-in-class, secure, cloud-based data management and automation solutions to businesses in Australia, the UK, the USA, South Africa and Asia. Its clients include leading banks, fund managers, insurers and superannuation funds. Over 1000 different processes have been automated on the SolveXia platform. Learn more here.
Vizor Software is a global leader in regulatory reporting solutions for financial regulators and financial institutions, trusted for the collection, validation and analysis of highly complex regulatory data in more than 25 countries. Working closely with APRA, they developed a new APRA Connect system that will enable the collection of more granular data, providing valuable insights and a proactive approach to market regulation. Recently, they have been awarded as the best technology for regulatory compliance by Central Banking. Learn more here.
Managing Director, SolveXia
Chief Innovation Officer, Vizor Software
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SolveXia and Vizor have partnered for the Australian market to provide a comprehensive, end-to-end solution for APRA Connect reporting.