The first milestone in the project with Bank of Ghana, the central bank of the year 2020 awarded by Central Banking, has been achieved recently, with Technical Go Live for phase 1 in the overall project where Vizor will implement a fully integrated financial surveillance system to manage prudential data collection and the licensing of financial institutions, due to go live in June 2020.
Phase 1 comprised of Vizor Regulatory Returns (VRR) and the Vizor API Service – Submit (VAS). As part of VRR, the Bank of Ghana consolidated all data collections across the various different supervisory departments into 42 Returns with over 250 forms and over 400 validation rules.
Vizor solution, called ORASS (Online Regulatory and Analytical Surveillance Software) by Bank of Ghana, enables the regulator to consolidate and improve the efficiency and effectiveness of the data they are collecting as well as the consistency across the departments. It also centralises the data from all the departments into one DB which will improve their reporting and analytical capabilities.
The Vizor API Service - Submit (VAS) is seen as a major part of the solution, that will enable Financial Institutions to populate Excel Templates and upload the data to the system automatically, to provide a new way of automating the reporting and decreasing the human interaction with the submitted data.
The next phase in the project will be implementing the Vizor Licensing and Regulatory Transactions (VLRT) and Vizor Analytics (VA) Modules, due to go live in August 2020, with the final phase encompassing Vizor Risk-Based Supervision (VRBS) solution.