The Bank of England (BoE) has announced plans to improve software services and the collection of data from UK insurance firms, with a £1.2 million investment.

The investment will be spent on tendering for two systems, delivered over a three-year contract worth between£800,000 and £1.2 million. One system will provide data collection services, gathering compliance data, the other system will process and validate data for use in other systems.

In a notice to tender the BoE specified that the contract should cover: “a variety of data from external entities securely, via a user interface and a business to business interface, and secure user management capabilities”.

Both systems will have to be capable of handling large amounts of data, with expectations of large data amounts of between 10GB and 200GB each month, from the 500 insurance firms that the BoE currently services.

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