Diasoft Introduces a Service for Streamlining the Reporting Process

Friday, July 14, 2017

Diasoft, a global provider of cutting-edge solutions for the financial services industry, announced the launch of a service for diagnostics of regulatory reporting systems. The new service will ensure increased efficiency of the Diasoft FA# Reports solution and help banks to improve the quality of data used to create report forms.

The number of regulatory reports that must be submitted by financial institutions has been continuously increasing. Only during the last three and a half years, the Bank of Russia introduced 15 new forms. Moreover, twice a year the regulator makes changes to the existing report forms, while the requirements to preparation of reports are becoming increasingly strict. The service Diagnostics of Diasoft FA# Reports will allow identifying hidden reserves during the report generation process, which will help Diasoft’s customers to timely and properly meet regulatory requirements of the Bank of Russia.

Diagnostics of Diasoft FA# Reports includes a detailed analysis of the bank’s current regulatory reporting process, which results in creation of an individual plan for streamlining of this process.

Implementation of recommendations after the complete diagnostics of the system (by the bank on its own or with the help of Diasoft) will allow the bank to reduce the quantity of incidents and quickly eliminate their sequences, increase efficiency of tools provided by the software product, and prevent from incorrect presentation of new bank products in reports. With the help of the service, the Bank can significantly reduce the share of manual operations during preparation and correction of final reports. In addition, the service will allow minimizing the workload on users that is associated with testing of updates of Diasoft FA# Reports on the Customer’s data.

Besides the complete diagnostics of bank systems, Diasoft also offers their selective analysis. The two approaches differ by the number of analyzed report forms.

Selective diagnostics, in its turn, helps banks to analyze if their IT system is ready for implementation of a required report form, prepare a plan for automation of a specific form, identify usage of manual corrections and eliminate the reasons for such corrections.

“The number of report forms increases each year. The regulator also expands the range of attributes in existing forms and introduces new methods of cross-form control and verification of data reliability”, said Kirill Zolotych, Head of Business Application Services Department at Diasoft. “Without professional assistance in this sphere, banks experience difficulties in tracking changes and timely implementing requirements of the Bank of Russia. Diasoft has accumulated a unique expertise in design and implementation of reporting systems. Today we offer a diagnostics service that does not have comparable counterparts in the market. Fulfillment of the action plan issued by the results of the project will allow the bank to successfully implement a new form or streamline the whole reporting process, depending on its individual requirements. We are confident that our service will help banks to overcome any difficulties that may arise during preparation of report forms and to solve tasks of any Customer”.

About Diasoft: Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.

The FLEXTERA’s functional scope covers the following areas of financial business:

  • Back Office and Core Banking operations including daily banking transactions processing; product and service management; BI, accounting and reporting;
  • Multichannel Front Office operations and client management;
  • Middle Office risk management and decision making.

The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements.