Fourth firm joins growing consortium of banks to choose Wolters Kluwer Financial Services’ FRSGlobal to comply with RBI’s Automated Data Flow guidelines
Indian arm of leading Japanese Bank is the latest firm to adopt FRSGlobal’s ADF solution
Mumbai, India – 30th March, 2012Wolters Kluwer Financial Services, a leading worldwide provider of risk, compliance and audit solutions for the financial services industry, today announced that the Indian arm of a leading Japanese bank has selected its FRSGlobal solutions in order to meet the automated reporting standards defined by the Reserve Bank of India (RBI). The FRSGlobal regulatory reporting solution is designed to help banks comply with the RBI guidelines on collation, analysis, generation and submission of data, in an accurate and timely manner. This is the fourth bank to select the solution.
The RBI announced the Automated Data Flow (ADF) initiative to ensure the submission of correct and consistent data straight from the bank’s systems to the Reserve Bank without any manual intervention in an approach paper released in November 2010. As per the deadlines defined by the RBI, banks operating in India will be required to automate a minimum of 25 returns by 31 March, 2012.
As part of the FRSGlobal regulatory update service, a dedicated group of domain experts analyze ADF regulatory developments and communicate the findings to FRSGlobal customers. Additionally, the group holds regular user forums to ensure close collaboration at each of the regulation’s key milestones and best practice surrounding the RBI’s ADF initiative.
“In order to comply with the prescribed guidelines for the RBI’s Automated Data Flow initiative, banks in India will have to deploy IT systems that can aggregate, analyse and transfer data to the regulator’s systems. With our global experience, local regulatory insights and technology expertise, FRSGlobal is a natural choice for banks in India. We are confident that our comprehensive architecture will enable our customer to maintain data integrity and timeliness in regulatory reporting,”says Shawn Paul, Regional Director - South Asia, at Wolters Kluwer Financial Services’ FRSGlobal.
Through a combination of modules, the FRSGlobal regulatory reporting solution meets the RBI’s following requirements:
- Acquisition of data – An extract, transform and load (ETL) tool to obtain data from multiple source systems, complete with validation processes;
- Integration and storage of data – DataFoundation, FRSGlobal’s unique data model that facilitates the streamlined collection, validation and management of contractual, account, risk and transactional information;
- Conversion and validation of data – Automatic report generation, with the option to view and modify as required;
- Submission of data – Seamless delivery of reporting data to the RBI via eXtensible Business Reporting Language (XBRL), the regulator’s prescribed delivery mechanism.