FRSGlobal, part of Wolters Kluwer Financial Services, a leading worldwide provider of compliance and risk management solutions for the financial services industry, today announced that the Indian arms of two major global banksâ have opted for its regulatory reporting solution in order to help them meet the Reserve Bank of Indiaâs (RBI) requirements for automated reporting.
The RBI announced its proposal to ensure accuracy and integrity of dataflow across the Indian banking system with the publication of its approach paper in November 2010. The first stage of this process requires banks to automate five returns by 31st August 2011.
âThe RBI has clearly outlined the steps banks in India need to follow in order to submit accurate and timely data without manual intervention,â said Prabhat Gupta, country manager at Wolters Kluwer Financial Services in India. âIn order to fully automate the process for submission of returns, firms need an end-to-end solution in place that acquires, integrates, converts and submits the relevant data directly to the regulator. Our solution addresses all of these points, which is a key reason why two multinational banking groups have selected it to support them in meeting the impending requirements.â
âWith the first set of deadlines fast approaching, we are inevitably seeing an increase in the number of vendors entering the marketplace with their various offerings,â commented Steve Thurley, vice president of Asia Pacific and Japan, Wolters Kluwer Financial Services. âWhat sets us apart is that our established solution set is easily configured to address the points outlined by the RBI. We view this - twinned with the fact that two prestigious banking groups have chosen our solution â as further confirmation behind our business logic.â
FRSGlobalâs solution is made up of a combination of modules that directly address the RBIâs requirements including the following:
â¢ Acquisition of data â An extract, transform and load (ETL) tool to obtain data from multiple source systems, complete with validation processes;
â¢ Integration and storage of data â DataFoundation, FRSGlobalâs unique data model that facilitates the streamlined collection, validation and management of contractual, account, risk and transactional information;
â¢ Conversion and validation of data â Automatic report generation, with the option to view and modify as required;
â¢ Submission of data â Seamless delivery of reporting data to the RBI via eXtensible Business Reporting Language (XBRL), the regulatorâs prescribed delivery mechanism.