A landmark was reached at the end of March 2013 for BankSearch and one of the world’s leading Central Banks as the newly developed Data Gathering System went live.

The Central Bank regularly gathers Monetary and Financial statistics from banks and building societies’ and the data plays a pivotal role in monitoring the stability of the financial sector and steering monetary policy.

BankSearch Information Consultancy Ltd., a specialist financial services software house worked with the Central Bank’s project team to design and develop the new system. The development teams were challenged to replace the Bank’s existing 20 year old data gathering mechanism with a secure, internet based statistical collection application.

Using XML schemas, data from returns is gathered over the web, validated, edited and saved into the online data capture system. The flexibility of the system enables the Central Bank to more easily collect a wide range of statistics including more granular returns.

The intuitive interface allows reporters to now meet their data obligations in an up-to-date, cost effective manner, providing the Central Bank with access to more timely and accurate data.

With nearly four hundred banks and building society reporters, implementation is happening as a gradual migration from their existing method of reporting to the new system. The Central Bank is liaising with the relevant software houses to achieve this and thus far the feedback from users, has been extremely positive.

Simon Anderson, Managing Director and founder of BankSearch Information Consultancy Ltd. commented “it has been a privilege to work with the Central Bank to design and develop a modern, secure and user-friendly data capture system and we look forward to continuing to support the Bank in the coming months and years.”