Project Ellipse explores the feasibility of cross-border digital reporting. This POC is intended as a first step towards bringing authorities and stakeholders closer to a common understanding of data that is collected by authorities globally.
Our exploration confirms that:
Regulatory reporting requirements can be expressed in unambiguous machine-readable logical reporting instructions underpinned by a consistent data model;
Technical standardised programmatic specifications of the steps for generating regulatory reports can be published alongside regulation and ensure clear understanding at the most granular level of the expected data;
Executable libraries can be automatically generated and published alongside regulations to assist accelerated implementation;
If a common data standard was agreed to and implemented, financial institutions may no longer need to interpret reporting instructions and submit aggregated data by use case; and
With additional logical instruction based on the same data model, supervisors may also be able to automatically query the underlying transaction data and generate regulatory metrics referencing that standardised data.