Sirma Business Consulting launches first Bulgarian software system, meeting reporting requirements of the new European regulatory supervisory framework

Sirma Business Consulting JSC (SirmaBC), specialised in banking and financial technologies, presented the first Bulgarian information system and completely meets the ERSF requirements. The system is called 575 UBX ECB and is part of the SirmaBC software UBX product line, aimed at the financial sector. It provides fully centralized storage and data processing and subsequent regulatory reporting in a bank.

UBX ECB 575 came into force with the adoption of Directive 2013/36/EC of the European Parliament and the Council, and Council Regulation (EU) N575/2013. Legislative acts govern the monitoring of banking activities, and supervisory reporting requirements for credit institutions and investment firms on capital, liquidity, risk management and internal corporate governance. Changes in bank regulation have taken place due to the global economic crisis and the subsequent debt crisis in the EU in recent years.

“The new regulation and related new reporting requirements are a major challenge to the banking sector, forcing financial organizations to respond in a relatively short time. Therefore, we developed the UBX ECB 575 system, which allows them to quickly meet all reporting requirements, based on the new regulatory framework. The system is based on our significant experience, gained in the field of banking and financial technologies, and in particular – our know-how in regulatory reporting decisions, as well as our experience of dozens of successful projects for clients in Europe, Asia and America “- said Tsvetomir Doskov, CEO of Sirma Business Consulting. The company has implemented systems for regulatory reporting in leading banking institutions in six countries.

The 575 UBX ECB system, carries out all activities regarding consolidation, processing and preparation of bank information for reporting purposes. This includes consideration of liquidity, leverage of large exposures of financial information and its own resources and requirements in respect thereof, in accordance with the new European regulation, including reporting of losses arising from loans secured by real estate. The solution provides modular – oriented visualization of reports on topics and frequency generation. Among its functions are reports for visualizing of errors and data corrections, unification of the information in order to be used in report generation, data control after consolidation and transformation stage, as well as built-in coherency between different reporting forms. An important advantage of UBX ECB 575 is its accessibility through a web interface. The system fully meets all specific requirements of the Bulgarian legislation. Beside the regulatory reporting, its advanced features support decision making processes and improvement of bank management efficiency.

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