How technology is driving APRA superannuation data transformation

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. Announcing us as partner of choice, Sean Carmody, Executive Director Cross-Industry Insights and Data, said the partnership met APRA’s need for a modern, efficient and user-friendly data collection system that would adapt as technology evolved. Carmody said, “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.”  

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.