INFOGRAPHIC
AlBaraka Bank streamlines SARB reporting
Banks face the onerous task of
compliance reporting . They need to continuously stay up-to-date with changing South African Reserve Bank ( SARB ) requirements . When banks are not compliant with these requirements , heavy fines and reputational risks result .
AlBaraka Bank , a world leader in Islamic banking , prioritised meeting SARB requirements . The bank recently modernised its core banking platform and consulted Synthesis to integrate this new system with the SARB through txstream which resulted in a streamlined reporting solution .
Challenge
Banks need to ensure that the correct information is submitted based on SARB requirements . This includes Balance of Payments ( BoP ) reporting on foreign currency trades to the SARB in a specified format to comply with Financial
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COMPLIANCE IS HELD VERY HIGH IN ALBARAKA ’ S PRIORITIES . BY IMPLEMENTING THE TXSTREAM FULLY-AUTOMATED SYSTEM , ALBARAKA BENEFITS FROM DAILY REPORTING THAT UPDATES EVERY TIME SARB REQUIREMENTS CHANGE .
Surveillance requirements . When AlBaraka began updating its core banking platform it needed to ensure that the new system integrated with the SARB and complied with local legislation .
The previous system that managed crossborder payments was run in-house by the AlBaraka development team . This system was time and maintenance heavy . A streamlined and outsourced solution would ensure that the new core banking platform correctly integrated and maintained SARB standards .
AlBaraka teamed up with Synthesis to manage this integration as the software development , digital solutions and regtech company is at the forefront of SARB reporting with over 20 years ’ experience serving the majority of South African Banks .
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