Application Programming Interface (API) and back office reporting and visualization application
R2A API Solution Creates a Faster, Direct Data Delivery Channel between Philippine Banks and the Central Bank
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).
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.
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.
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.
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.
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.
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.
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.