BI, OJK, LPS implement integrated bank sector reporting

BI, OJK, LPS implement integrated bank sector reporting

BI Governor Perry Warjiyo, OJK Chairman Wimboh Santoso, and LPS Chairman Halim Alamsyah at the official launch, Thursday (Dec 19) in Jakarta. (ANTARA/Doc. BI)

Jakarta (ANTARA) - Bank Indonesia (BI), the Indonesian Financial Services Authority (OJK), and Deposit Insurance Corporation (LPS) agreed to integrate banking sector reporting through a portal mechanism known as, commencing from December 31, 2019.

Integrated reporting was developed to minimize redundant and inconsistent information, according to a statement from BI received in Jakarta on Saturday.

The focus is also on simultaneously boosting bank operational efficiency, taking into account that banks earlier had to submit reports to three different authorities through separate applications.

Furthermore, integrated reporting targets to create Single Banking Data as a means to access and exchange banking data as necessitated by each respective authority as well as improve the quality of the reported data.

The past decade has borne witness to a rising need for the financial sector authorities to swiftly gather comprehensive granular data for decision-making and policymaking purposes.

This was the key factor offering the impetus and motivation to the BI, OJK, and LPS to collaborate and develop integrated bank reporting accompanied by an integrated information exchange mechanism.

That was the key takeaway of BI Governor Perry Warjiyo, OJK Chairman Wimboh Santoso, and LPS Chairman Halim Alamsyah at the official launch on Thursday (Dec 19) in Jakarta.

The development of integrated reporting refers to the FLEKSI principles.

First, FLEKSI stands for Flexible, ensuring that the dynamic business requirements of each authority can be met in a swift and convenient manner.

Second, Efficient, ensuring the information sought is lucid in its utilization by the authority, devoid of redundancy, and delivered through a single platform.

Third, Consistent, ensuring the data and information reported is clearly formulated and agreed by the authorities. Fourth, Standardized Metadata, ensuring quality data.

Before the introduction of, the banks were required to submit nine different reports to the authorities through separate applications.

Through, however, the following reports will be integrated into a single portal: Commercial Bank Daily Report (LHBU), Commercial Bank Periodic Report (LBBU), Islamic Bank Periodic Report (LBBUS), Commercial Bank Monthly Report (LBU), Islamic Bank Monetary and Financial System Stability Report (LSMK-BUS), Commercial Bank Head Office Report (LKPBU), Rural Bank Monthly Report (LBBPR), Islamic Rural Bank Monthly Report (LBBPRS) and Commercial Bank Monthly Financial Statement (LKBBU).

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