Helping a Romanian public institution optimizing the flow of periodic reporting, aggregation of data from uploaded reports and performance evaluation (by calculating indicators based on collected data). The solution is built in such a way that it can be subsequently extended to all market entities with which the institution collaborates.
Companies operating on the financial market are all legally required to submit various types of periodical reports to regulators. In general, reports are submitted through various means, including on paper, by e-mail or via electronic systems set up by the regulator. Due to this inconsistency in reporting practices, regulatory institutions have difficulty turning this information into a standardized format that can be easily processed and acted upon according to legal requirements.
The solution built by Modex allows financial regulators to collect information from market players in a standardized manner and secure all system data using blockchain technology. The solution includes an Admin App, a Collection App, and an API Collection Server. Organizations using the Collection App/API option have two available methods to submit reports: manually filling out a standard form for each report or uploading XML files. Regulators can use the Admin App to manage all reports submitted by financial institutions as well as to aggregate data and obtain actionable insights once collected data is validated.
Streamlining data collection processes and increasing governmental institutions’ efficiency by eliminating the effort involved in manually reconciling and validating data submitted using multiple different methods.
Guaranteed integrity and security for the data shared through the system and a complete history for every document.
Complete audit trail for all interactions with specific data, based on custom permissions and access rules.