API and Visualization Application Prototype
Philippines

R2A API Solution Creates a Faster, Direct Data Delivery Channel between Philippine Banks and the Central Bank

The Problem

The Bangko Sentral ng Pilipinas (the Philippines Central Bank, or BSP) is partnering with R 2 A to develop an Application Programming Interface (API) and back office reporting and visualization application.

Currently, BSP’s Supervisory Data Center (SDC) receives incomplete, late, and inconsistent reports. Data cleaning and validation consumes significant resources. The process is primarily manual and highly resource-intensive.

The Solution

Partnering with R2A, BSP is developing 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.

The Competition

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 and Melinda Gates Foundation), Vicente De Villa (Bangko Sentral ng Pilipinas), and Dragan Oremuš (Compliant Risk Technology LLC)

From left: Rosita Najmi (Bill and Melinda Gates Foundation), Vicente De Villa (Bangko Sentral ng Pilipinas), and Dragan Oremuš (Compliant Risk Technology LLC)

Congratulations to the winning firm: Compliant Risk Technology LLC & Pinecone Ltd

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.

 

Judges

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SHARMISTA APPAYA

Acting Head of Fintech Accelerator at the Bank of England

Oversees fintech- and technology-related development, including blockchain, big data, robo-advisory, digital payments, and capital markets technology at the Bank.

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SHAMIR KARKAL

Former Open APIs Head at BBVA and CFO & Co-Founder at Simple Finance

Experienced executive, entrepreneur, and consultant in financial services and information technology. Currently, invests and works at the intersection of banking, payments, and technology. Previously led the development of Open APIs at BBVA and co-founded Simple Finance, an online replacement for traditional checking accounts.

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BEN LYON

Entrepreneur in Residence – Caribou Digital DFS Lab

Co-founded Kopo Kopo, the first merchant acquirer and merchant cash advance provider for mobile money issuers globally. Currently, focuses on investing and incubating fintech startups in emerging markets.

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KARIM MEGHJI

Chief Product Officer at Remitly

A product and technology leader with expertise in product, user interface and user experience management, technical operations management, online subscription-based businesses, and e-Commerce.

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NICK COOK

Head of RegTech and Advanced Analytics at FCA

Leads the FCA’s RegTech initiatives and the creation of an Analytics Centre of Excellence to drive the organization’s use of data science, machine learning, and artificial intelligence.

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HIMANSHU NAGPAL

Deputy Director, Financial Services for the Poor at the Bill & Melinda Gates Foundation

In his role as the Emerging Technologies Lead for the team, Himanshu is focused on finding ways to accelerate adoption of new technologies and techniques to address the barriers that exist in providing better financial services to the poor.

 
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