One of the new version features is the detection of anomalies through Artificial Intelligence. The platform identifies potential errors, duplications or other anomalies with a data validation rules engine that integrates with each regulatory model.
With an analytical tool that allows you to explore data from multiple sources, the platform interprets the users’ questions and it uses Natural Language Processing (NPL) and AI (Artificial Intelligence) to present the most relevant information. This functionality is complemented by the automatic generation of the best possible visualization for the data, which facilitates its generation and interpretation.
"The new version of Symetria® includes multi-regulation and multi-geography support, which means that it easily adapts to different reporting requirements around the world," says Afonso Mota, executive director at Novabase. "Symetria® now integrates a centralised regulatory reporting schedule management, which enables teams to proactively manage risk by anticipating tasks. It also allows to synchronise reporting cycles with different regulations and their interdependencies, "he concludes.
By aggregating data from multiple sources into a single repository, the new version of Symetria® also allows you to generate information about the different reporting models from the same base data, which facilitates loading, reconciliation and traceability of information.
50 million daily processed records require effective reporting
As regulation and information analysis is an increasing concern for central banks, Symetria® intends to be an instrument to support financial institutions in this process, facilitating the report of more information and more detail, in order to fulfill regulatory obligations with the minimum of costs and risks.
According to João Simões, Symetria® Product Manager, 50 million bank records are processed daily using this solution and around 100 million records are already integrated with the Central Bank, with a 99.99% integration rate.
Symetria® allows to manage and monitor the entire information consolidation process that has to be reported to the Central Credit Register Database of Banco de Portugal, guaranteeing the protocols imposed by this regulator, centralising the information disseminated by Banco de Portugal and ensuring that all financial institutions have access to their clients’ information on credit responsibilities.
Symetria® is currently being used by 16 clients as a reporting and compliance platform, in Portugal. We can highlight, among them, Bankinter, EuroBic, New Bank, Parvalorem, Millenium bcp and Wizink.