SYDNEY, October 5, 2021 / PRNewswire / – SolveXia and Vizor Software have partnered for the Australian market to provide a end-to-end solution for APRA Connect reporting which will increase the quality of regulatory reporting while reducing the time and effort required for regulatory compliance.
The joint solution allows financial institutions to Australia to meet local demands quickly and cost effectively. It automatically uses regulatory rules and machine-readable data models published directly from australia regulation system. By leveraging the same software as the Australian regulator through the Vizor Software platform, the preparation and validation of regulatory data is more of a machine-to-machine task, and financial institutions and regulators can instead focus on analyzing regulatory data. data and risk management.
âWorking closely with APRA to develop and deliver the new APRA Connect platform has allowed us to really understand the main challenges facing Australian reporting companies: high regulatory reporting costs and a very manual submission process. By using the same technology and rule engines as APRA, FIs can dramatically reduce administrative burden and compliance risk.Our APIs provide machine-to-machine communication so that FIs and the regulator can automate their processes existing systems and their technological investments, making them more efficient and proactive, “ noted Joanne Horgan, CIO of Vizor.
This transparent alignment between the regulatory and financial institution systems will facilitate timely and high-quality submission of regulatory reports, while reducing the costs and efforts associated with new or changing reporting requirements.
âOur integrated solution supports end-to-end audit-ready regulatory compliance and brings immediate benefits to financial institutions, such as rapid time to market (ensuring instant APRA compliance) and lower significant manual errors with the submission data. We are pleased that we can help reduce the burden of regulatory reporting in Australia, ” noted Marc Schneider, Managing Director of SolveXia.
The end-to-end assembly solution is simple to use and economical.
It collects, combines, aggregates and maps data from any source.
Includes a detailed status dashboard and editable forms.
Allows for customizable management approvals at any stage of the process.
No infrastructure or installation is required.
Fast onboarding is available within 4-6 weeks, with the last client going live the same week APRA Connect went live, providing immediate compliance effect.
The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that oversees banking, insurance and pension institutions and promotes the stability of the financial system in Australia. APRA Connect is a new data collection platform that will gradually and completely replace the Direct to APRA (D2A) system used by all banks, fund managers, insurers and pension funds in Australia. Following here.
SolveXia is an experienced provider of industry-leading, secure, cloud-based automation and data management solutions for businesses in Australia, the United Kingdom, the United States, South Africa and Asia. Its clients include leading banks, fund managers, insurers and pension funds. Over 1000 different processes have been automated on the SolveXia platform. Learn more here.
About Vizor software
Vizor Software is a global leader in regulatory reporting solutions for financial regulators and financial institutions, recognized for the collection, validation and analysis of highly complex regulatory data in more than 25 countries. In close collaboration with APRA, they have developed a new APRA Connect system that will allow the collection of more granular data, providing valuable insights and a proactive approach to market regulation. Recently they were awarded as the best technology for regulatory compliance by the Central Bank. Learn more here.
Managing Director, SolveXia
Director of Innovation, Vizor Software