- This new feature is implemented in partnership with a large bank in India with advances of USD 65.5 billion and brings GST non-compliance into sharp focus within the robust rt360 Credit Monitoring framework
- It empowers banks with improved risk management, a consolidated view of non-compliance, and enhanced reporting capabilities.
Chennai, November 6: BCT Digital, a global risk and compliance products technology company delivering FinTech, RegTech, and SustainTech solutions, today announced a key enhancement to its rt360 Early Warning System (EWS) with the integration of GST (Goods and Services Tax) data. This new feature is implemented in partnership with a large bank in India with advances of USD 65.5 billion and brings GST non-compliance into sharp focus within the robust rt360 Credit Monitoring framework.
With the integration of GST data into the rt360 EWS, financial institutions now have a powerful tool for identifying and addressing compliance-related risks associated with GST filings. This new capability allows banks to proactively detect potential credit risks tied to GST non-compliance, enabling swift corrective measures.
Jaya Vaidhyanathan, CEO, BCT Digital, stated “The integration of GST data into our rt360 EWS marks a significant advancement in credit monitoring capabilities, aligning with our goal to provide financial institutions with proactive, data-driven risk management. By enabling early detection of compliance risks, this feature strengthens banks’ ability to safeguard their credit portfolios and act swiftly on potential risks. At BCT Digital, we are dedicated to supporting the BFSI sector with innovative solutions that drive resilience and regulatory compliance.”
The new enhancement allows API integration for seamless GST data access, retrieval of all GSTINs linked to a PAN, verification of filing statuses and provides alerts or notifications for non-compliance, along with details on specific non-compliant GSTINs.
BCT Digital’s rt360 product suite has emerged to be a powerful risk management tool, leading the company to rank among top 70 global risk management firms by Chartis. The company’s ‘rt360 Real Time Monitoring System’ successfully tested and received approval by RBI, through a rigorous evaluation during the fourth Cohort of the Regulatory Sandbox themed ‘Prevention and Mitigation of Financial Frauds’.
