Bangalore, India, August 26, 2012 --(PR.com
)-- iCreate is happy to announce that Bank of America NA, India has selected iCreate’s Biz$core RBI Automated Data Flow (ADF) Solution as a key component of the bank’s Regulatory Reporting strategy for India.
Bank of America sought a solution to help address RBI’s ADF compliance directive by enabling automation of the various regulatory returns that the bank submits to RBI. The solution had to integrate seamlessly with the bank’s data repository and enable a straight through processing of the returns from the data repository. The solution had to be designed for quick implementation. After evaluating several prominent vendors for an enterprise-class solution, Bank of America NA, India chose iCreate’s Biz$core ADF.
This announcement comes even as prominent Indian banks such as HDFC Bank, IndusInd Bank and Dhanlaxmi Bank are currently implementing iCreate's Biz$core Automated Data Flow solution.
Mr. Vivek Subramanyam, CEO, iCreate said, “We are delighted to partner with an institution of the stature of Bank of America in helping them achieve RBI’s deadline. I am equally happy that Biz$core ADF will provide a regulatory reporting framework that is extensible to other countries in the future.”
Mr. Amit Agarwal, SVP and Global Head of Business Development, iCreate said, “It is a matter of pride for us to partner with a bank such as Bank of America on their Reserve Bank of India compliance initiative with our Biz$core ADF product. I am confident that Biz$core ADF will provide holistic regulatory ecosystem for current compliance needs and future regulatory changes.”
Key highlights of iCreate’s Biz$core Automated Data Flow solution:
•Pre-built, multi-country templates as per regulator-specified formats
•Automated flow from banking systems to respective Central Banks
•Configurable approval workflows to enable bank staff to verify and submit the reports
•Multiple taxonomies supported; multiple output formats supported
•Automated mapping / transformation from internal accounting heads and codes into the Central Bank mandated heads and codes
•Solution delivered off OLAP-ready data mart with pre-configured integration with popular core banking systems
•Metadata-driven solution with full data lineage from source banking system through to report for easy audit of data flow
•In-built business definition layer compliant with central bank terminologies
•Configurable mapping from internal Chart of Accounts to the regulator's specific reporting heads
•In-built Reference Code management functionality for all regulator recommended reporting codes
•Dashboards summarizing important metrics across various business functions of the bank for a ‘quick view’
•Configurable maker-checker process with audit trail within the Automated Data Flow
About iCreate’s Biz$core Automated Data Flow Solution
Biz$core ADF is the central bank regulatory reporting module in the larger Biz$core integrated suite of Reporting, BI, Analytics and Performance Management solution for Banks. Biz$core ADF’s ETL layer with pre-configured integrations with source banking systems, extracts data from multiple banking systems and loads into a Centralized Data Repository (CDR) which is engineered for the automated generation of returns through pre-built reporting templates. A fully integrated Metadata framework enables auditability of the data lineage from source to report. Configurable business rules, maker-checker, multiple output formats and a code management module ensure that the solution is capable of meeting the regulator's newer reporting requirements from the same base infrastructure. Biz$core CBR reporting module contains over 200 reporting templates running off an OLAP based Centralized Data Repository. Data integration into this repository is automated through Biz$core’s data integration services, which also provides an auditable data lineage via a fully integrated metadata management system. The system provides a configurable approval workflow to aid review and submission of returns. Dashboards summarizing important metrics across various business functions of the bank provide additional insight on trends and a quick snapshot of the information to be submitted. In addition to providing a tailored solution for central bank reporting, the CDR can further be leveraged with other Biz$core business solutions to deliver much greater business value.
iCreate is a 'BI for Banking' specialist headquartered in Bangalore, India, with an established presence in Africa, Asia-Pacific, Middle East and Europe. iCreate's unique, integrated Business Intelligence, Analytics and Performance Management solution, that integrates with standard banking systems, ensure banks have a fully functional Business Intelligence solution running very quickly, at the lowest TCO and with advanced solutions in areas such as Retail Banking, Corporate Banking, Analytics 360, etc. iCreate is a winner of several premier industry recognitions including the Red Herring Asia 100, Deloitte Technology Fast 500 Asia and the NASSCOM Emerge 50; an endorsement of its unique ‘Banking-specific Business Intelligence’ proposition.