R2A API Solution Creates a Faster, Direct Data Delivery Channel between Philippine Banks and the Central Bank
THE CHALLENGE: 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 were consuming significant resources. The process was primarily manual and highly resource-intensive.
THE COMPETITON: 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).
THE SOLUTION: Partnering with 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.