Mauritius central bank first in Africa to implement XBRL technology
The project covers the automation of the Bank’s entire data collection, management and processing system and is the single largest IT investment of the Bank of Mauritius (BoM). (Image: Quick Circuits)
When it comes to technological innovations, regional ICT hub Mauritius leads the Sub-Saharan African region, and now, the central bank of the island economy is equipped with the XBRL technology that supports cutting-edge data management.
Mauritius’ central bank officially launched the implementation of the project of XBRL-based Reporting System, Data Warehouse and Business Intelligence Tools (the XBRL 1) on July 11, 2014.
The event took place in front of representatives from the banking and non-bank deposit-taking industry, the Mauritius Bankers Association Limited, cash dealers, credit unions and several representatives of the business press.
Bank of Mauritius Governor, Rundheersing Bheenick, noted in his opening remarks that BoM is the first central bank in Africa implementing the XBRL technology.
He also stressed that technology must be controlled to counter the difficulties faced by regulators in their task.
“The reporting requirement have kept on increasing and, as the global financial crisis unfolded, each particular measure ended up with having still more reporting requirement repercussions on the different banks,” Governor Bheenick highlighted.
“We are not going to see any end to the data needs and it is going to cost a lot by way of resources to the regulators to try to crunch all this data and arrive at the kind of reports needed to ensure that the system continues to be stable, reliable and robust,” he added.
The latter mentioned that XBRL is a transformational technology, which serves as a means for changing the way business is conducted, not only in the central bank but also in licensees’ relationship with the regulator.
Moreover, it has the ability to translate into major efficiency gains in the central bank and in the sector.
Essentially, the XBRL technology shall provide BoM with the optimal automated system for data management currently available at the international level.
The project covers the automation of the Bank’s entire data collection, management and processing system and is the single largest IT investment of the Bank of Mauritius (BoM), surpassing the MACSS 2 (Mauritius Automated Clearing and Settlement System) project executed in 2000.
The innovative infrastructure entails the development of an advanced online report filing system and the establishment of a Data Warehouse and a Business Intelligence platform for users.
The benefits behind this new project are efficiency in data collection, processing and analysis to generate timely and accurate information for policy formulation and decision making purposes.
The central bank announced that it has awarded the contract to IRIS Business Services Limited to implement the project, further to an international competitive bidding process.
The project will be implemented over a period of fifteen months and the new system is expected to go live in October 2015.