Logica, an IT and management consultancy company, has launched Logica Insurance and Banking Reporting Architecture (IBRA), a new global regulatory reporting solution.
According to Logica, IBRA is a new multi-jurisdictional solution that will enable financial institutions to meet statutory reporting requirements in all the markets in which they operate.
IBRA’s unique architecture and framework will help financial institutions deliver global, European and country-specific regulatory reports, reducing lead times and compliance costs, claims Logica.
IBRA will be configurable to address new regulations such as Basel III and any demands imposed by the European Banking Authority (EBA), said the company.
The solution will fully integrate with existing business systems thereby simplifying the whole migration process. IBRA can be implemented as an independent regulatory reporting system, or deployed as an ASP or utilized on a SaaS basis.
The product offers transparency, helping to verify the accuracy of the results and trace all the processing steps applied.
It will enable users drill-down from a figure on a regulatory report back to the underlying transactional data and vice versa.
Functionality also includes fully automated workflow with intelligent exception handling capabilities.
The product can process up to 100 million transactions per day. IBRA can also run multiple versions of a regulatory report within a single installation.