Project Showcase: The Central Bank of Jordan
Client Overview: The Central Bank of Jordan
Their primary responsibilities are:
- Maintain monetary stability in the country
- Regulate and supervise the banking industry
- Ensure the convertibility of the local currency
- Promote sustained economic growth in the country in accordance with the general economic policy set by the government
The Challenge:
The Central Bank imposes strict regulations in order to achieve its objectives, including:
- Governing the activities of commercial banks
- Declaring and reporting banking information in the country
- Protecting the national economy and mitigating risks
Accordingly, the enforcement of these regulations requires the adoption of strict, efficient and technologically savvy solutions.
The Solution:
Optimiza designed and developed a comprehensive solution under the name Offsite Supervision System (OSS) that:
- Regulates the banking declaration process
- Aggregates and consolidates banking information
- Supports banking decisions
- Supports actions taken to protect the national economy
- Supports precautions taken to mitigate risks on the national financial stand
What is the OSS?
Offsite Supervision System (OSS) is a comprehensive, seamless, and fully integrated solution. This packaged solution consists of 10 modules working together in an organized manner to receive and process clients and banking information, interact with commercial banks, and then consolidate, accumulate, and produce statistical reports. The reports produced support the upper management of the Central Bank in making decisions, while supporting commercial banks in mitigating risks and taking necessary precautions.
The OSS is designed to allow commercial banks to declare their aggregated data and client data on pre-designed electronic files. There are 26 different types of electronic files that cover all kinds of banking activities that take place at any commercial bank.
