Application Programming Interface (API) and back office reporting and visualization application Philippines
The Bangko Sentral ng Pilipinas (the Philippines Central Bank, or BSP) Supervisory Data Center (SDC) was receiving incomplete, late, and inconsistent reports from the supervised financial institutions. Data cleaning and validation was consuming significant resources. The process was primarily manual and highly resource-intensive.
Partnering with R2A and CRT, BSP developed an API and back office reporting and visualization application to:
- Allow financial institutions to submit high-quality, granular data digitally, and automatically to the financial authority with higher frequency.
- Enable BSP staff to make data validation faster and analysis sharper by generating customized reports for supervisory and policy development purposes in different formats.
By improving data quality and access, and developing new tools for data visualization and analysis, the project will help BSP implement a risk-based supervisory approach that reduces compliance costs and promotes financial inclusion while ensuring financial stability and integrity.
Code for this solution can be downloaded here. Due to its sensitive nature, proprietary/confidential information has been omitted from the code.
R2A published a request for applications in October 2017 with a maximum grant value of US$100,000. A panel of judges selected a winner to develop the API and visualization prototype, Compliant Risk Technology (CRT).
From left: Rosita Najmi (Bill & Melinda Gates Foundation), Vicente De Villa (Bangko Sentral ng Pilipinas), and Dragan Oremuš (Compliant Risk Technology LLC)
Compliance Risk Technology (CRT) is a technology firm dedicated to providing regulatory and risk management solutions in the financial sector, especially for government agencies. Its vision is to create comprehensive and integrated supervisory systems to more effectively connect regulators like central banks and financial supervisory agencies with consumers. CRT has previously worked with the Croatian Financial Supervision Agency, the Slovenian Insurance Supervision Agency, and the Croatian National Bank.