Bahrain-based FinTech firm Rsquare Technologies has won the Central Bank of Bahrain’s (CBB) SuperNova 2021 ‘RegTech Innovation Challenge’ for its account blocking and unblocking automation process.

 

RSquare’s EasyRecon solution, deployed in various financial institutions in Bahrain, operates as a reconciliation engine that converts, loads, and reconciles automatically. The software offers users with clear reasoning behind the reconciliations, reduces human errors, and saves time that is typically consumed by the long and tedious process.

 

Commenting on the win, Shanthini Raja, Founder, Chairperson and CEO of Rsquare Technologies said: “We are honoured to have won the CBB’s Supernova Challenge that reflects our team’s hard work and underlying vision for the ecosystem.

 

“For the past 11 years, we have been developing futuristic solutions that go towards strengthening the thriving industry. I would like to thank the Central Bank of Bahrain and all the key partners for giving us this opportunity.”

 

The SuperNova 2021 challenge, hosted virtually on CBB’s digital lab FinHub 973, aimed to further Bahrain’s FinTech industry’s development.

 

Rsquare, a resident of Bahrain FinTech Bay, has to date developed more than 19 innovative IT FinTech Bahrain-made solutions such as E- Signature, EICR, Easy Reconciliation, Compuform, CIS, HRMS & Payroll tools. 

 

Deepak Nair, CEO of BFC, said: “BFC has been using Rsquare’s EICR for 250 users for the past 6 years. The user-friendly plug-and-play application runs 24/7 and has completely automated the manual entry into our core system, with 100 per cent accuracy, data consistency and increased speed at the counters.

 

“The robotic automation process worked seamlessly with all core system screens and templates without integration challenges, and eased implementation and customisation with minimum IT intervention.”

 

Nair added the after sales service from Rsquare was always prompt and reliable.

 

According to Vijay Kumar Soni, Vice-President (Operations and Services), State Bank of India, Retail Branch: “EasyRecon has provided us with very good utility and efficiency in our daily operations. The product has allowed us to automate blocking and unblocking recon, deceased account recon and ATM switch reckon. We have been able to automate our existing manual process up to a decent extent and generate error-free absolute reconciliation reports.” –Tradearabia News Service