API and Visualization Application Prototype | Philippines
In the context of the R2A initiative, the Bangko Sentral ng Pilipinas (BSP, the Philippine Central Bank) has requested the development of an Application Programming Interface (API), and back office reporting and visualization application (the Project) to:
- Allow financial institutions to submit data digitally and automatically to the financial authority;
- Increase the volume, granularity, and frequency – and improve the quality – of data submitted to the central bank; and
- Enable BSP staff to improve data validation and analysis, and generate customized reports for supervisory and policy development purposes.
By improving data quality and access, and developing new tools for data visualization and analysis, the Project will help the BSP implement a risk-based supervisory approach that reduces compliance costs and promotes financial inclusion while ensuring financial stability and integrity. Moreover, the BSP will be able to capture crisper insights on the Filipino financial sector that will be used to develop policies such as the financial inclusion strategy.
The project will deliver a prototype rather than a complete, production-ready product. The prototype will be tested with two financial institutions.