D2A and APRA Connect. Supporting industry through the transition.

APRA is currently in the process of implementing the APRA Connect platform. In this article we cover the current state of the project and the key items entities should take into consideration when planning for their transition from D2A to APRA Connect.

More than 4,500 reporting entities currently submit data to APRA. Data collected by APRA under the Financial Sector (Collection of Data) Act 2001 is used for prudential supervision, statistical publications and shared with partner agencies such as RBA, ABS and ATO. Once the new APRA reporting solution is fully implemented, all entities will submit data to APRA via APRA Connect, with D2A remaining in use for an extended transitional period.

What is APRA Connect and how is it different from D2A?

D2A (Direct to APRA) is APRA's current data collection solution. D2A is a desktop client application, meaning that each reporting entity needs to install the D2A solution on it's employees' desktop or laptop in order to be able to submit data to APRA.

APRA Connect is APRA's new web-based data collection solution. APRA has selected a data collection solution from Irish-based vendor Vizor after tendering and the platform is currently being customised to support APRA's specific requirements. Entities will be able to use APRA Connect from any work station with internet access.

APRA Connect will be the central point for data exchange between the regulated industry and APRA. As such, entities will no longer need to communicate with APRA over email to respond to post-submission questions, resubmissions or to provide additional documents or ad-hoc reports.

A test environment will be available for APRA Connect which will support APRA reporting software providers to test their solutions and allow for entities to test their submission process beforehand.

The new APRA submission solution is web-based and will therefor only support "copy-paste" of information one cell at a time. As such, APRA is encouraging the industry to improve their submission process by automating their APRA reporting submission through automated solutions that support XBRL/XML.

The new solution will enable APRA to collect more granular data sets over time.

D2A and APRA Connect will co-exist

APRA has informed the industry that D2A will continue to be used for an extended amount of time. In its latest update (March 2020) APRA noted that:

  • All financial data reporting for insurance and superannuation will continue to be reported through D2A. APRA will progressively start new collections for these industries on APRA Connect in line with industry consultations.

  • APRA intends to move most reporting for ADIs and RFCs from D2A to APRA Connect, however, no historical financial data will be migrated to APRA Connect and any resubmissions for D2A-submitted returns will need to be made through D2A.

  • Capital framework related collections (100 series) for ADIs will only be introduced to APRA Connect when the new proposed capital framework comes into effect (currently targeted January 2023).

Entities will need to ensure they continue to support D2A submissions during this transition period. Entities are encouraged to ensure that the submission solution they implement for APRA Connect also supports D2A.

What will remain the same in APRA Connect

The reporting obligations for entities remain unchanged, so there are no changes to the APRA reporting forms and taxonomies and the submission due dates. APRA Connect will use MyGovID for user authentication. In line with D2A, APRA Connect will support file uploads through XML and XBRL files.

Current Status of the APRA Connect project

In APRA's latest implementation update (March 2020), APRA projected to go live in September 2020 with a progressive roll-out across industries. Due to COVID-19, APRA has paused the APRA Connect roll-out until further notice. It is anticipated that APRA will provide an update on the project in Q4 of 2020 with a view of rolling out the solution in the first half of 2021.

What entities can do today

Based on APRA's communications to date, there will be a condensed implementation timeframe (~6 months) for entities to get ready for the new platform once the cut-over date is confirmed. Considering some of the constraints the new system will impose, it will be imperative for entities to have an automated APRA reporting solution in place. This will leave little time for entities to engage regulatory technology providers and implement their solutions.

Entities can ensure a smooth transition by reviewing their current process today, and by implementing a solution that can support both the D2A and APRA Connect submission process.

How we can help

RegCentric provides APRA reporting solutions across the end-to-end APRA reporting process. Whether you are looking for a tool that fits in with your current process and only automates the submission to APRA Connect and D2A, or a full end-to-end automation solution that takes the data from source system all the way through to the submission, our APRA reporting experts are ready to support your team to cost-effectively implement the right solution for your needs.

Start a conversation or book a demo of our solutions today.

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