BSRS Information System: A Reporting and Data Consolidation Solution

Case Study 22. 11. 2022 5 minutes

Regulations and banking supervision stand as foundational pillars for ensuring stability and efficiency in global financial markets. For many financial institutions, regulatory data reporting has become increasingly data-heavy and expensive. With the surge in regulatory measures like BASEL, IFRS, and ICA, there's an amplified demand to modernize and automate almost all facets of financial operations.

Accumulating and interpreting vast data volumes is evolving into a significant challenge for financial institutions everywhere. 

This was precisely the challenge the Central Bank of Iraq (CBI), the regulator of Iraq's financial market, encountered. LinkSoft was tasked with crafting an application adept at receiving and analyzing the vast expanse of financial data, tailored for the unique Middle Eastern context.

However, this wasn't the sole hurdle. In an era where financial institutions face the mammoth task of efficiently collating and deciphering rapidly expanding data, Iraq lacked a centralized system for managing regulatory initiatives. Data was often scattered across Excel spreadsheets, emails, and even paper records.

A Solution for CBI: Streamlining Banking Supervision and Strategic Decisions

Without a centralized framework, the CBI faced numerous setbacks, impeding its banking supervision and strategic decision-making. Compliance reviews were cumbersome, frequently manual, and repetitive. This inefficiency resulted in prolonged processing times and inconsistencies in operations and calculations. Important documents would either go missing or be incorrectly reviewed. Addressing these challenges became LinkSoft's mission.

Tailored Development: A Greenfield Approach

How does one design a regulatory reporting application for a nation without a centralized system governing financial regulations? The answer: build from the ground up.

Having a rich reservoir of experience in crafting specialized financial software, LinkSoft knew the direction to embark upon. The aim was clear: construct a unified system from scratch, encompassing every aspect of the central bank's regulatory functions.

Optimization of Reporting Process

Tasks that once consumed hours for Central Bank of Iraq's staff can now be accomplished in mere clicks.

Enter BSRS (Banking Supervision Reporting System) a supremely scalable reporting framework built on .NET Core, React, Docker, and MS SQL server. Its core objective is to holistically support the entire reporting journey: from sourcing data from disparate systems, transforming them into the desired format, to showcasing results as mandated by supervisory entities. Available in both standard and Arabic versions, it offers flexibility in text directionality. This comprehensive application boasts internal, public, and entity-specific interfaces, alongside both external and internal APIs. At its heart, the reporting module stands out, empowering authorized personnel to generate and disseminate reports for routine checks, statistical evaluations, and bespoke requirements.

BSRS Features At A Glance:

  • On-the-fly custom workflow creation and modifications.
  • Statutory process compliance tracking.
  • Transparent case management.
  • Multilingual term dictionaries.
  • A comprehensive internal communication system.
  • Phasing out of paper-based records.
  • Systematic input backup and processing.
  • Superior managerial oversight.
  • Seamless integration, negating printed documents.
  • Comprehensive versioning system.
  • Automation to replace manual tasks and reliance on Excel.
  • A consolidated hub for details on regulated entities and individuals.
  • A cutting-edge reporting interface for comprehensive data handling.

Technological Backbone of BSRS

The application's heart lies in Microsoft.NET, serving as a sturdy base across all layers. It incorporates:

  • Application Server: .NET 6 (Core) Web API, Entity Framework Core, (AutoMapper, Swagger, FluentValidation), Docker
  • Database: MS SQL Server
  • Front-end: React, TypeScript, CSS, Ant Design, TSLint, Webpack, npm

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Jan Hron | Sales Director