SIVECO Romania develops an IT system, unique among the central banks in the region | SIVECO Romania

SIVECO Romania develops an IT system, unique among the central banks in the region

Monday, December 17, 2012
The IT system will ensure the National Bank of Moldova a new reporting model, aligned to the European financial reporting standards

SIVECO Romania and the National Bank of Moldova announced the extension of the IT banking reporting system, through the development of more than 50 new types of statistical and supervisory reports, specific for the banking system.

The new reporting system will be implemented with the purpose of revising the current reporting manner towards the National Bank of Moldova, so as to ensure its alignment to the European Union reporting demands. The IT based reporting system is designed according to the main directions indicated by the European Bank Association, which aim at centralizing the reports and translating them from different formats into a unitary, standard structure.

This process will be ensured by using the XBRL format (eXtensible Business Reporting Language), an open international standard, used for the analysis and the financial and business reporting process. XBRL is the only language that can manage data created in different accounting and financial formats and standards, by transforming them automatically into a unique format.

"The reporting model that we will implement together with our international partners will be standardized and will significantly improve the current banking reporting system used in the Republic of Moldova. Its main objectives are the optimization of the reporting process and informational flows towards the National Bank of Moldova, increasing the quality of reported data, as well as their registration and centralized processing. We are proud to develop such a modern and complex solution, which is unique among the central banks in the region from the point of view of technologies and standards used." stated Costel Todor, International Accounts & Partners Deputy Vicepresident, SIVECO Romania.

"The implementation of the new reporting model will bring real benefits for the entire banking system in the Republic of Moldova, with direct impact upon risk management and financial stability. The IT based system will support on one hand the reporting banks in the process of sending automatically the reports in their own format and on the other hand it will lead to reducing the costs and efforts needed to be invested by the central bank for ensuring the compliance of the reporting process." stated Dorin Drăguţanu, the National Bank of Moldova Governor.