The first phase explores the potential process efficiencies gained by both authorities and financial institutions if granular data could be mapped to a common cross-border data model, thereby moving away from fixed templates. For authorities, having access to granular data also increases the volume of information needed to enable the use of advanced analytics. In Phase 1, the BISIH, the MAS, the Bank of England (BoE) and the International Swaps and Derivatives Association (ISDA) collaborated to explore the concept of cross-border digital regulatory reporting, using a machine executable data model.