After successfully enabling several prominent Indian banks to comply with the Indian Central Bank - the Reserve Bank of India's - ambitious Automated Data Flow (ADF) mandate, Fintellix - the India market leader for regulatory compliance, together with leading XBRL technology expert Iris and Port Louis based technology services provider Mausage, is now ready to help Mauritian banks comply with BOM's mandate.
The launch of the solution comes at a time when rapid change has become the new normal in regulatory compliance worldwide, including Mauritius. Form, content, format and calculation are being constantly changed by regulators to drive a stable financial ecosystem. Post the 2008 global crisis, regulators worldwide have begun adopting global standards for automating information exchange with banks and also to ensure that the banking ecosystem speaks a common language. Currently, BoM requires over 70 returns that the country's banks need to automate, the other requirement being that banks have to submit the returns in a prescribed format, i.e. XBRL.
Scheduled to be held at the Hilton Mauritius on July 24, the Fintellix CXO Briefing will demonstrate how Mauritius' banks can leverage a next generation platform to lay the foundation for future-proofing compliance with BOM. Together with XBRL technology expert Iris and Port Louis-based technology services provider Mausage, Fintellix will also share experiential insights on how existing data management investments can be leveraged to address current and upcoming local and global regulations such as Automated Data Flow (ADF), Risk-based Supervision (RBS), Liquidity Credit Ratio (LCR), FATCA, etc.
Deep-dive sessions will highlight BOM's XBRL Reporting requirements and the implications for banks, complexity and intricacies around ensuring compliance; solution options based on each bank's context, highlights of Fintellix Regulatory Compliance Platform and best practices for leveraging existing data infrastructure investments to address upcoming local & global regulations.
Fintellix has helped multiple prominent banks in ambitious ADF mandates by central banks. The Fintellix Compliance Suite is powered by Fintellix's next generation Data platform that is a singular, integrated and scalable Banking Data Management infrastructure which plugs into the Bank's internal and external data sources via pre-built 'adapters' and provisions raw Banking data for a variety of downstream uses such as Regulatory Reporting, Risk Management and Business Analytics.
With 40 per cent of India's Top 20 Private and Foreign Banks now using Fintellix for Regulatory Compliance initiatives, Fintellix provides solutions for all regulatory requirements on a single platform and Centralised Data Repository (CDR).
The firm's banking solutions are available for on-premise implementations as well as provisioning from a regional Cloud infrastructure. Fintellix is currently active in India, US, Europe, Middle-East, Africa and South East Asia.