In 2019, the Australian Prudential Regulation Authority (APRA) launched a major project aimed at expanding the breadth, depth and consistency of its superannuation data collection. The goal of the project is to provide greater transparency and accountability for Australian retirement funds, valued at $880 million.  

In order to collect data from financial institutions, APRA has been replacing its legacy system Direct to APRA (D2A) with APRA Connect, which has been developed using our technology. 

After a delay due to Covid-19, the overall APRA Connect project will go live at the end of September 2021 with a test environment in June 2021. Each institution is responsible for its own readiness.  

Managing change: how can financial institutions adapt?  

In the first phase of the Superannuation Data Transformation project, nine new reporting templates will be introduced. In later stages, more granular data reporting will be adopted. This means manual reporting processes will no longer scale. 

A project of this scale can seem daunting for financial institutions that tend to operate at a conservative pace. By choosing the right partner to help you adapt to the new solution, you can automatically synchronise with all APRA data models and rules published on the new APRA Connect.  

This eliminates the need for complex system upgrades and reduces the cost and operational impact of future regulatory changes for superannuation. 

How we are supporting easier regulatory reporting to APRA in superannuation 

After a competitive tender process, APRA chose to partner with us to create a new data collection solution. Because we were directly involved in creating the new reporting templates with APRA, we were ideally positioned to help financial institutions to automate their reporting. 

As well as an unrivalled level of expertise and experience with APRA Connect, we have an established relationship as a trusted partner to regulators. The partnership met APRA’s need for a modern, efficient and user-friendly data collection system that would adapt as technology evolved. APRA was pleased with the outcome of the tender process and was confident this partnership would deliver a robust solution that allows financial companies to report data to APRA more quickly, efficiently and accurately.  

 

Some of the core advantages of working with us on transforming your APRA Connect reporting include: 

  • It’s a fast and scalable solution. It’s possible to get started in as little as four weeks with our secure, enterprise cloud 
  • You will reduce cost and eliminate manual effort by automatically converting your Excel data to an APRA-ready submission file 
  • Integration with existing systems within your organisation is easy using RESTful API 
  • Pre-validation of your data ensures you can use the same rules engine deployed inside the new APRA Connect system, guaranteeing “right-first-time” submission 
  • New APRA Connect templates and rules are updated to your system automatically 

For superannuation entities that have been using Excel or other manual processes, a transformation project of this scale is a significant undertaking. With the right technology and the right expertise, we can take the pain out of transitioning to APRA Connect with its API-powered regulatory reporting platform. 

Is your organisation looking to improve its APRA Connect reporting processes?

We can help – book a demo with our team.

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