HTC TRRACS – Trade Regulatory Compliance made easier for Banks
The Reserve Bank of India (RBI) has introduced an online trade regulatory system for the banks in India for monitoring their export and import transactions. The current applications used by banks for trade transactions are not fully compliant with RBI’s regulatory guidelines.
HTC TRRACS is the one stop solution that allows banks to continue with the existing business process and still be compliant to RBI regulatory requirement. TRRACS is a regulatory reporting and compliance system, which processes the data from bank’s existing system as per RBI guidelines and transforms the dataset into RBI compliant formats. It provides web interfaces for the banks to handle the processes that are not available in their existing trade system.
Key Business Benefits:
- 100% compliant to RBI Export Data Processing and Monitoring System (EDPMS) and Import Data Processing and Monitoring System (IDPMS) requirements.
- Provides options to:
- Consolidate and report inward remittances.
- Map payments at Bill / Shipping Bill/Softex and report at Invoice level.
- Generate and issue electronic Foreign Inward Remittance Certificate (eFIRC) to customers against the existing Inward Remittances.
- Manage electronic Bank Realization Certificate (eBRC) requirements related to Directorate General of Foreign Trade (DGFT) platform.
- Manage alert/notification to customer against each processes.
- Web Interface for all the Trade (Export and Import) Regulatory processes defined by RBI.Management Information System (MIS) reports for bank/branches.
- Multiple User level (Bank/Nodal/Branch) for data reconciliation and reporting.