HTC TRRACS – Trade Regulatory Compliance made easier for Banks
The Reserve Bank of India (RBI) has introduced an online trade regulatory solution 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 Trade Regulatory Reporting And Compliance System (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:
It is a requirement for all the banks in India to adhere with Reserve Bank of India’s (RBI’s) guidelines. HTC worked closely with RBI and implemented Export Data Processing and Monitoring System (EDPMS) and Import Data Processing and Monitoring System (IDPMS) solution using Open Source executable JAR files. To enable reporting in these two systems (EDPMS and IDPMS), we worked with banks in India for which we have the Export Data
Interfacing Solution (EDIS), Trade Regulatory Reconciliation and Compliance System (TRRACS), and Regulatory solution that helps bank to have regulatory data for reporting.
Automate Trade Regulatory Reconciliation process with HTC’s RPA solution. With a state-of-the-art matching engine for TRRACS, deploy bots that accurately and efficiently automate error rectification activity of Bank Data Reconciliation (Export/Import) and the Bank Data Acknowledgment Reconciliation.