R2A Compliance API
The Bangko Sentral ng Pilipinas (the Philippines Central Bank, or BSP) is partnering with R2A to develop an Application Programming Interface (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.
A panel of judges selected Compliant Risk Technology (CRT) to develop the API and visualization prototype. 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.