For the banking industry, regulatory data submission is no trifling matter. As regulatory trends grow increasingly evident, banks find themselves grappling with demands for detailed, comprehensive, and high-frequency regulatory compliance, with exacting standards for data quality.
Historically, banks have encountered numerous pain points during data submissions. Issues such as doubts regarding data authenticity, lagging timeliness of submissions, discrepancies in regulatory interpretation, disparities between detailed and aggregated data, inefficiencies in temporary regulatory task execution, and sluggish cross-domain data linkage have posed significant challenges to banks in regulatory adherence.
Hence, the urgency of establishing a unified regulatory data framework is palpable.
In recent times, certain banks in Jiangsu and Zhejiang provinces in China have proactively responded, initiating development plans for novel reporting systems. Among these, a leading city commercial bank in Jiangsu is currently handling data in the reporting area of the "Unified Reporting System," offering desensitized data loaded into the trusted area. Meanwhile, a rural commercial bank leverages its data warehouse to supply data for "Unified Reporting System" submissions through a regulatory data mart. Simultaneously, a city commercial bank in Zhejiang has achieved efficient and high-quality data reporting by crafting the "Unified Reporting System."
Sunline deeply involved
What's heartening is that the pilot construction of the "Unified Reporting System" in the aforementioned three banks in Jiangsu and Zhejiang provinces deeply involves Sunline. As a specialist in the realm of data submission, Sunline has been deploying equipment and building systems in multiple pilot banks since the commencement of the "Unified Reporting System" pilot. Through several project validations and product iterations, Sunline's "Unified Reporting System" solution has been refined, empowering financial institutions to achieve comprehensive construction of the "Unified Reporting System," encompassing both the reporting area and trusted area, while fully meeting the latest trial version of the "Bank Unified Reporting System Regulatory Data Collection Interface Standard (Version 2.0)."
Sunline's "Unified Reporting System" boasts a plethora of advantages:
Seamless integration of regulatory data: Sunline leverages a unified regulatory data mart to realize one-time collection and multiple reuse, mitigating inconsistencies between different reporting systems.
Rapid deployment: Sunline's solution facilitates one-stop configuration and reporting via a unified regulatory reporting platform, expediting the rollout of "Unified Reporting System" functionality.
Comprehensive data quality monitoring: Built upon comprehensive and rich data quality validation rules, Sunline's solution ensures thorough data validation and monitoring throughout the reporting process, meeting data quality requirements amidst high-frequency reporting of the "Unified Reporting System."
Abstraction of technical details: Sunline abstracts technical intricacies by furnishing standard service interfaces, bridging the regulatory end and the institution's trusted area, thus shielding underlying storage and technical disparities and facilitating service and data interaction.
Looking ahead, the "Unified Reporting System" is poised to achieve integration, connection, and seamless transition with reports such as EAST, 1104, and customer risk. The nationwide promotion speed and version upgrade pace have entered the fast lane, presenting significant challenges to financial institutions.
To ensure the high quality and timely rollout of the "Unified Reporting System," Sunline's solution is grounded in professional implementation methodologies, offering comprehensive implementation services encompassing new policy interpretation, overall construction planning, data quality assessment, and business and technical integration. This aids clients in swiftly and efficiently erecting the "Unified Reporting System" regulatory data collection platform, meeting regulatory requisites including reporting standardization, timeliness, flexibility, high performance, and fundamental environmental construction.
About the "Unified Reporting System"
Led by financial regulatory agencies, the "Unified Reporting System," trialed in Zhejiang Province in 2021, conducts intelligent supervision trials. This system, by establishing unified regulatory data standards covering all banking businesses, furnishes unified validation rules and data extraction rules, while requiring financial institutions to establish a trusted area (reporting area) for regulatory data. This enables regulatory agencies to flexibly access, query, and process data via data services, thereby enhancing regulatory efficiency and ultimately forming a financial supervision data ecosystem, achieving co-construction, sharing, and co-governance.
About Sunline
Established since year 2002, Sunline is the leading banking software and technology services company in China. Public listed in year 2012, Sunline has more than 6000 employees worldwide serving beyond 800 banking and finance customers. As the global financial technology leader, Sunline is continuously reinventing our solutions by integrating latest technology trends with industry best practices to provide comprehensive and secure financial solutions.
