This partnership will provide an increased quality of regulatory reporting and help to reduce the time and effort involved in regulatory compliance.
The key benefits for financial institutions include:
- Fast onboarding in as little as in 4-6 weeks, with the latest customer going live in the same week as APRA Connect went live, providing an immediate compliance effect.
- Local implementation support from a team specialised in automating data management and regulatory reporting processes.
- Future-proofed system that ensures compliance by keeping in sync with APRA changes and using the same technology and rule engines as APRA Connect.
- Low total cost of ownership and system maintenance. No infrastructure or installation is required.
“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 consumes machine-readable regulatory rules and data models directly from Australia's regulatory system. By leveraging the same software as APRA, the preparation and validation of regulatory data become machine-to-machine tasks. This gives financial institutions time to focus on data analysis and risk management.
Vizor CIO, Joanne Horgan says: “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 (Financial Institutions) 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.”
Let us help you reduce the administrative burden of regulatory reporting and eliminate manual effort and errors, get in touch today for a demo.