FRS, a leading global provider of enterprise risk and regulatory compliance solutions, today announced that it has been selected by UCO Bank in Singapore to provide a new reporting platform.
The new platform will enable UCO Bank to automate production of returns to the Monetary Authority of Singapore ('MAS'), Singapore's financial regulator.
UCO Bank in Singapore provides retail banking, trade finance, credit, FX and accounting services and due to increased volumes, had decided that the current method of producing MAS reporting was no longer viable. UCO were performing manual extraction of data from their transaction and accounting systems, producing reports manually and then keying them into the MAS system. As volumes increased the process was too prone to error, therefore, FRS was selected by UCO Bank to provide an automated platform for gathering the necessary data, compiling them into a compliant reporting format and interfacing with the MAS system.
After a thorough evaluation of the marketplace, UCO Bank Singapore short-listed three suppliers, measuring their technical architecture, implementation record, experience in MAS reporting and aftersales service. FRS was selected primarily on its experience and expertise in MAS reporting. The new system is due to go live in June 2007.
Khee Joo Tan, Vice President, Asia Pacific and Japan of FRS, said: "We are delighted to have been selected to implement this programme with UCO. We have a wealth of experience in MAS reporting and the necessary technical resources to help UCO achieve timely and reliable reporting standards."
UCO Bank Singapore, representative said: "Our criteria for selection looked not only at the technical capability of the candidates, but also at the potential for us to work productively together as a team. FRS has succeeded on both fronts, as we have successfully worked hand-in-hand to keep the project on track for the scheduled launch of the system in June."