Logica, a business and technology service company, has launched Logica Insurance and Banking Reporting Architecture (IBRA), a multi-jurisdictional solution that enables financial institutions to meet statutory reporting requirements in all the markets in which they operate. IBRA’s architecture and framework will help financial institutions deliver global, European and country-specific regulatory reports, reducing lead times and compliance costs.
Logica has separated the framework software, which provides the generic functionality that all regulatory reporting applications require – i.e. capturing or importing data, generating draft returns, providing inquiry and drill down facilities to enable the user to verify the accuracy of the returns, and electronic submission to the regulator – from the reporting content, the detail around a particular liquidity report or capital adequacy report. The reporting content is described in the form of metadata.
“With the separation of the general functionality from the reporting content, customers benefit from a much simpler implementation and a more timely response to changes in the reporting requirements because they don’t have to go through a lengthy period of installing and acceptance testing a new release of the software,” said Robin Bridge, regulatory reporting director, Logica Global Products Business (GPB) in an interview with gtnews. “When a reporting requirement changes, it is just a case of dropping into the framework product a new set of metadata that describes the new reporting requirement.”
Logica plans to deliver IBRA in two forms:
- A preconfigured solution for the UK, Ireland and Germany, where the product comes with all the metadata for the current reporting requirement in those countries.
- Customers can also license the proprietary methodology and toolkits to develop and deliver their own reporting solutions using Logica’s architecture.
IBRA can be implemented as an independent regulatory reporting system, deployed as an application service provider (ASP) or used on a software-as-a-service (SaaS) basis.
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