Wolters Kluwer Financial Services announced today that two multinational banks with operations in India have selected its Automated Data Flow (ADF) solution to meet the Reserve Bank of India's (RBI) regulatory reporting requirements.
With this, a total of 10 global banking and financial services institutions have chosen Wolters Kluwer Financial Services, resulting in a 25 percent share of the foreign bank market for ADF requirements in India.
The solution helps banking institutions comply with Reserve Bank of India's ADF requirements through collation, analysis, generation and submission of data to the regulator, in an accurate and timely manner.
The ADF solution provides regulatory reporting and risk management expertise which integrates with banks' existing processes to form a robust regulatory structure. The modular architecture of the solution provides comprehensive compliance of the ADF requirements since it is built in parallel to the RBI's step-by-step guidelines. Wolters Kluwer Financial Services' solution combines strong local expertise and solution functionality for compliance with the local regulatory requirements.
"Our Regulatory Reporting solution is designed to adapt with the ever-changing regulatory requirements outlined by regulators across the world. With our solution, customers are assured of the end-to-end workflow of regulatory reporting," said Shawn Paul, regional director - Asia-Pacific and Japan (APJ), at Wolters Kluwer Financial Services. "RBI has notched up the pressure on banking institutions in order to secure complete Automated Data Flow compliance by March 2013. Therefore firms in India are requiring a provider with strong local expertise of the requirements in order to start producing the reports by the end of 2012."
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.