RM Applications: Remittance, Risk & Regulatory Reporting Data Integration Solutions for Banking Institutions

Lokesh Gupta, Business Head

Financial Institutions today are largely reliant on data integration for their Operation, Risk, and Regulatory reporting. It is a daunting task that demands accuracy at every stage, starting from extracting data from a data hub or direct from source system to transform it into a meaningful format to load into reporting and Business Intelligence Solutions. Composed compilation of the collected data is essential for Financial Institution’s business division to strategize for risk mitigation, new product launch and to take informed business decisions. RM Applications (RMA), a FinTech and technical partner for the banking and finance industry, has attained efficiency in data integration with its Risk Data Mart Solution. Equipped with profound business and technology knowledge pertaining to the banking industry, the company has built specialised mini risk data mart for Asset Liability Management (ALM), Risk Management and Basel II and III Liquidity solutions for Conventional and Islamic Financial Institutions in South East Asia. Data Mart ensures flexibility and consistency of regulatory rules, data compilation, and data integrity before banks or financial institutions employ any liquidity, capital, and reporting value calculations. RMA applies several validation techniques and real-time check mechanism, to ensure validity and rigidity of the data compiled. RMA has proven track record of implementing Data Mart Solution in Malaysia, Singapore, Brunei, Indonesia, and Thailand.

While talking about RMA’s effective Data Mart solution (OmniData), Lokesh Gupta, the Co-founder/Head, Business and Technology Consulting of the company says, “The solution delivered to our clients have been integrated with the bank’s legacy hosts i.e. multiple data sources (core banking, treasury, loans, credit card, trade finance etc. running on different platforms). We put effort in addressing synchronization of inconsistent data formats from multiple sources, deriving of missing data values using business logics or populating direct values using excel based interfaces, ensuring data quality with predefined logic to filter garbage data as exceptions and standardization and most important is data retention.”

With deployment of its intensive solutions – OmniRemit Suite – RMA adds value to its clients’ businesses

Data integrity check is another vital area of concern for RMA and it makes sure to keep transparency of data processed, exceptions encountered etc. in all stages of data integration i.e. extraction, transformation, and loading. RMA follows the data hubbing approach with data masking and ensures compliance of sensitive data collected from overseas. The organisation also takes special care of automating all kinds of data flow, data transformation in addition to assuring data availability and time balancing for regulatory report generation. RMA has also incorporated alert mechanism as part of offering to ensure client’s team is well informed of batch run status, exceptions, source data issues, source file issues etc. via email to smoothen their business as usual (BAU) activities and day-to-day operations.

With deployment of its intensive solutions – OmniRemit Suite – RMA adds value to its clients’ businesses. OmniRemit Suite is a comprehensive Branch, Agent, and Self Service Online solution developed to meet the rising demand for online remittance services. The solution assures security and validity of remittance transactions done online through electrical gadgets or devices. It is a self service portal where banking customers can register their names in the website to have an easy access of their KYC (Know Your Customer) forms along with meeting AML (Anti Money Laundering) needs. OmniRemit Core Solution on the other hand is web based with separate workflow for transactions performed by branch/agent or online. Through this solution, remittance house and financial institutions facilitate remittance transactions with its front end and back end modules. It allows both the customers and service providers to keep a track of all of their online transactions. “OmniRemit Suite is developed using latest technology with support for Mobile device as per the guidelines of the Bank Negara Malaysia ensuring trust in Anti Money Laundering, Security and Operation Risk. It comprises of automated workflow, KYC, and Risk Scoring straight through Processing using Web Based API, Negative List Matching, and Customer Loyalty Module. It supports remittance payment model such as P2P (Peer to Peer), B2B (Business to Business), and B2I (Business to Individual) with an option to perform Cash Pick Up, Direct Credit to Bank or Card or Mobile No etc. The flexibility it offers enables Remittance Service Providers to offer customized remittance service along with customer loyalty program to retain customers,” Gupta states.

Armed with its extensive knowledge and experience in the banking sector, RMA proffers Tailored Data Mart Creation, SSIS ETL Consulting, Crystal Report Development, Third Party System Integration, Project Management, Turnkey Solution Development, and Application Maintenance. Keeping up with the evolving nature of the industry, RMA is now working towards developing its own mobile applications for the remittance solutions and expanding its range of offerings that will benefit the company’s target audiences.