Global RegTech Provider Of The Year: Vizor Software
Central Banking FinTech RegTech Global Awards 2018
In the past decade, the regulatory burden placed upon banks has increased exponentially, as central banks and regulators look to prevent another global financial crisis. While firms struggle to keep pace with the plethora of new rules, central banks are looking to ensure the data they get back is put to good use.
Regtech provider Vizor Software has been focused on providing high‑end software to financial regulators to simplify and strengthen their systems’ ability to disseminate regulatory data. Vizor’s system has been rolled out in more than 25 countries at a number of central banks – including the Bank of England, the Bank of Canada and the Saudi Arabian Monetary Authority – are listed clients.
The team at Vizor are experts in their field and have designed software that is a one‑stop shop, providing a solution that is flexible enough to accommodate needs now and in the future, as regulation continues to evolve in scope and complexity.
In a relatively short period of time, the Irish firm has earned a reputation as a trusted provider of technology to the world’s regulators, earning it Central Banking’s FinTech & RegTech Global RegTech Provider of the Year Award. In one instance, the regtech firm had to fully or partially retire 13 legacy systems across three agencies and migrate 87 separate and unique types of dataset dating back to the 1960s.
Vizor’s software supports the entire supervisory lifecycle from registration and authorisation, through to returns data collection and analysis, and on to on-site inspections, dissemination of data and risk profiling. Central banks no longer have to invest in developing in-house systems, which can sometimes be costly and time-consuming for those lacking the relevant technical expertise.
Vizor’s system processes both quantitative and qualitative data, all of which is collected via online forms or XBRL/XML/Excel and uploaded and stored in a single central database. Vizor’s flexible approach to data collection has been a key differentiator, as incumbent providers often only support a single data collection format and fail to meet the more sophisticated requirements many entities now face.
Vizor’s single data hub model reduces the need for manual intervention. Data can be quickly exported for further analysis as required, or shared in a much more efficient way.
Within the system, regulators can fully visualise financial institution risk profiles using collected own data. The data is filtered by sector to allow regulators o gauge how they compare within their peer group or entire industry. As part of the service, it also provides all clients with a full certification training programme, which means users are able to manage, maintain, change and extend the system when required.
Vizor’s success speaks for itself. Its turnover has increased from $585,000 in 2011 to €10 million in 2017, and its pace of client acquisition has also accelerated.
Read the full Central Banking FinTech RegTech Global Awards 2018 Winners In Focus report
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