KASB Bank has automated its State Bank reporting structure by agreeing to implement a state of the art application designed by Ora-Tech Systems (Pvt) Ltd, one of Pakistan’s leading IT companies.
The application, which is expected to be up and running in about three months is best known as OTS RCOA (Ora-Tech Systems – Reporting Chart of Accounts System).
The software is designed to connect with the Banks Core Systems and Database to extract the required information for State Bank reporting without interfering with KASB Bank’s day to day activity. These reports can be provided to State Bank of Pakistan (SBP) with minimal user intervention with the provision to retrieve historical reports on demand.
“We see our application as a form of insurance policy against human error associated with State Bank reporting. By automating the process, we sought to add value to a bank’s bottom line by saving them on fines incurred and of course improving the relationship they share with State Bank through more efficient reporting.” commented Ora-Tech Systems Director Farhad Aspy Fatakia.
According to KASB’s CFO Moeen Sheikh, the application is an essential tool for every bank and is the best answer to State Bank reporting solution available in the country. It is designed to allow Banks to avoid costly customization in their core banking system as well as offers data repository that can then be used for generation of other value added MIS reports. The signing of OTS software at KASB Bank comes on the back of the completion of the same software package by Ora-Tech Systems at Habib Bank Limited where the system is now fully operational.