Feb 27, 2013
Dubai, February 26th 2013 - In order to usher higher accuracy in the current reporting process, the Central Bank of the UAE in November 2012 had communicated the introduction of a 'new online Banking Return Formats (BRF) reporting system.' The new reporting system requires banks to completely automate their returns / submissions and 39 forms were identified to be automated by 31 March 2013. Inability to meet the deadlines or having multiple occurrences of inaccurate data submissions is expected to attract penalties in accordance with the banking law. The communication also requests banks to reassess their IT configuration, staff skills and numbers in order to fully comply with the new reporting within the prescribed timeframe.
In the light of this requirement, iCreate Software has launched a pre-built solution for UAE Central Bank reporting called Biz$core Centrum. Biz$core is a market leader in the Regulatory reporting solution space in India that has helped several leading banks meet challenging compliance deadlines. Biz$core Centrum for UAE Central Bank Reporting adopts a straight-through processing of information to ensure quality and timeliness of data with zero manual intervention. Straight-through processing requires automation of data flow from multiple banking systems directly into a Centralized Data Repository and then into the Central Bank Banking Return Formats (BRF), without any manual intervention so as to ensure data accuracy, integrity and timely submission of returns. Biz$core Centrum also has the capability to go beyond the current Central Bank requirements and has the capability to leave behind an enterprise-class banking Data Warehouse for performing Business Intelligence and Analytics.
Biz$core Centrum for UAE Central Bank Reporting Solution Highlights
• Solution engineered by iCreate - market leader in the Regulatory Reporting solution space in India, Biz$core Central Bank Reporting solution is now available for UAE reporting.
• Proven competence in integrating solution with industry leading core banking systems.
• Fast implementation, pre-built return templates built on a Regulatory data model with in-built integrations with source systems.
• Straight-through processing of information to ensure quality and timeliness of data. Straight-through processing requires automation of data flow from multiple banking systems directly into a Centralized Data Repository and then into the Central Bank (BRF), without any manual intervention to ensure data accuracy, integrity and timely submission of returns.
• Future proofed for upcoming XBRL requirements (not just for the new BRF templates) via in-built XBRL adapter with configurable taxonomies.
• Built using industry leading ETL and Bl tools.
• Aids quick and secure gap-data capture.
Speaking on the occasion of the launch iCreate's Global Head of Business Development Mr Amit Agarwal said, "I am very excited about this opportunity to help banks in the UAE comply with the requirements of the Central Bank of the UAE. Given that Biz$core is a solution from a market leader who helped meet central bank regulatory deadlines in India I am delighted that we are now bringing our experiential best practices to the UAE. I am confident of Biz$core's capability in helping UAE bank's achieve reporting compliance quickly."
Given the immediacy of the situation, iCreate has also planned for a workshop series to acclimatise banks in the UAE about the impending deadline and how they can leverage the pre-built Biz$core Centrum solution.
Re-disseminated by The Asian Banker