Banking changed in Pakistan and we were the first in the world to be prepared.
Regulatory reporting is an absolutely vital function in the world of finance. Understanding the need for timely regular reporting the State Bank of Pakistan has, since 2002 has been instrumental in converting from a paper based reporting system to a fully digitalized on-line portal based reporting structure.
The State Bank coined the new digitally based returns Reporting Chart of Accounts (RCOA) and moved to implement a system whereby data was to be digitally collected from Banks, Financial Development Institutions and Micro Finance Institutions by mandate. This has, over the last few years completed replaced what were known as State Bank returns.
Ora-Tech understood the problems that financial institutions were going to face in early 2005, since the new RCOA was not only going to replace existing SBP returns but the new format was going to require definition of the chart of accounts when it came to institutions reporting to the State Bank of Pakistan.
The real problem Ora-Tech Systems understood, was that organizations were using Core Banking solutions developed on international banking standards and to provide reporting from these applications would require heavy customization. The only alternative was going through the motions of continually using spread sheets and extracting figures report by report not to mention the tedious process of compiling them.
In response to this, Ora-Tech Systems began developing an application in 2005 that was compatible with virtually any Core Banking application and required relatively little customization. The application allows for State Bank RCOA reporting to be automatically compiled using figures from the Core Banking application without user interaction. As the State Bank’s RCOA regulatory policies and procedures change so does our application which is affectionately known as OTS-RCOA.
An overview of OTS-RCOA and how it connects to your Banking Applications
OTS-RCOA is a completely unique product, that has never been developed before by any software company in the world. It is the first and only application that provides State Bank of Pakistan compliant RCOA reporting.
It’s greatest strength is that it virtually ensures no late reporting to the State Bank of Pakistan through automation and includes the ability to be used as a Data Mart that can then be used to create customized reports which are not an option within major Core Banking Software. It has a short implementation life cycle and is capable of generating 63 different reports including:
- Monthly Annexures
- Credit by borrower
- Distribution by deposit holder
- Flow of funds (Fixed Asset Accounting)
- Foreign Exchange (Buying and Selling Rates)
- Validation Report
If you are concerned with how your financial institution is going to handle reporting in the future as volumes increase or would just like to join the 21st Century in terms of IT, OTS-RCOA can help.
For more information and a full brochure on OTS-RCOA please click here.