BoN installs modern software
The Bank of Namibia (BoN) has installed and gone live with a new digital supervisory platform.This was announced by the Canadian software company SQL Power on Tuesday.
The global company in the financial regulation and advanced analytics technology industry said it is proud to announce the successful launch of its regulatory platform, the SQL Power Suite, at the BoN.
The highly configurable platform automates every aspect of the bank's supervisory processes and provides an efficient and transparent regulatory regime with enhanced data collection and analytics capabilities.
This technology aligns with the bank's digital transformation strategy to unify decentralised operations. Important and complex regulatory functions are to be divided into three supervisory departments, namely the supervisory, the payment and settlement systems, which link the banking operations and the exchange controls.
"The hallmark of a successful and futuristic organisation keeps its core and makes a new transition," BoN chief executive Johannes Gawaxab is quoted as saying.
According to the BoN, the software provides early warning indicators of potential strains in a supervised banking institution. This provides automatic flagging of defined indicators in regulated entities when submitting relevant and timely data to the Reserve Bank.