Leading Multinational Bank selects Wolters Kluwer for Reserve Bank of India Regulatory Compliance
Posted: 10 October 2012 | Source: BobsGuide
Leading Multinational Bank Joins Growing Number of Firms to Select Wolters Kluwer Financial Services for Reserve Bank of India Regulatory Compliance.
An Eighth Bank Selects Regulatory Reporting Solution for Automated Data Flow Requirements.
Wolters Kluwer Financial Services announced today that one of the world’s largest multinational banking and financial services companies has selected its Automated Data Flow (ADF) solution to meet the Reserve Bank of India’s (RBI) regulatory reporting requirements. This is the eighth bank to select the solution, which is designed to help banks comply with the RBI guidelines through collation, analysis, generation and submission of data to the regulator, in an accurate and timely manner.
The global bank completed a successful implementation of Wolters Kluwer Financial Services’ regulatory reporting solutions for Singapore and Malaysia regulatory reporting requirements earlier in 2012. This positive experience was one of the key reasons the bank opted to extend its relationship with Wolters Kluwer Financial Services to comply with ADF requirements.
“The RBI’s ADF regime poses a significant challenge to firms, requiring correct and consistent data to be submitted to the regulator from bank’s source systems in a fully automated manner,” said Chris Puype, managing director of Wolters Kluwer Financial Services’ APAC region. “Our advanced solution helps relieve the burden on the banks by being fully aligned with the RBI’s requirements. This is why we are seeing strong take up of our solution in the region.”
Through a combination of modules, Wolters Kluwer Financial Services’ ADF solution enables compliance of the RBI’s requirements by following the various stages outlined in the regulation:
Acquisition of data – Provides an extract, transform and load (ETL) tool to obtain data from multiple source systems, complete with validation processes;
Integration and storage of data – Offers a unique data model that facilitates the streamlined collection, validation and management of contractual, account, risk and transactional information;
Conversion and validation of data – Automatically generates reports, with the option to view and modify as required; and
Submission of data – Provides seamless delivery of reporting data to the RBI via eXtensible Business Reporting Language (XBRL), the regulator’s prescribed delivery mechanism.
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