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The Investment Funds Institute of Canada (IFIC) has launched its new, faster data collection and reporting platform for investment fund sales, assets and fund attributes, the industry trade group announced Tuesday.

The cloud-based Fund Reporting and Intelligence System (FRITS) provides comprehensive industry totals, including fund-level assets and detailed sales information across multiple sales metrics. Detailed data is collected directly from member firms that represent approximately 80% of mutual fund assets and 90% of exchange traded fund (ETF) assets.

FRITS will provide a streamlined data uploading process, enabling quicker reporting of industry data, IFIC says in a news release.

“Our enhanced platform will both accelerate IFIC’s reporting capabilities and provide our members with the information and analysis capability they need to operate effectively in a rapidly-changing market environment,” says Paul Bourque, president and CEO of IFIC, in a statement.

Later this year, IFIC plans to add the ability to collect fund series sales and fee information, along with expanded coverage of ETFs, segregated funds and alternative funds.