Dimension Data’s deal to deliver a new data collection solution (DCS) for Australia’s financial regulator it's worth $13.7 million over one year.
The Australian Prudential Regulation Authority (APRA) recently selected DImension Data as part of an international consortium to replace its existing data reporting system D2A.
A contract notice published on 3 May showed the deal covering software and implementation will last from 1 April this year until 31 March 2020.
Ireland-based Vizor Software will provide the web-based system set to improve APRA's data collection capabilities while Dimension Data will be responsible for its delivery, which will be used by more than 4,500 financial sector entities to help them meet their regulatory reporting requirements.
APRA expects to commence transition to the new system in March 2020, following testing and training. The majority of entities are expected to transition by mid-2020.
At the time of the announcement, Sean Carmody said the partnership between Vizor Software and Dimension Data best met APRA’s need for a "modern, efficient and user-friendly" data collection system that would adapt as technology evolved.
“Reliable data is critical for monitoring the institutions APRA supervises, and to allow APRA and other agencies to protect the Australian community by ensuring the stability of the financial system,” he added.
Dimension Data was unable to comment further.