Salmon Bank selects Profinch to modernise regulatory reporting

By Divya Shah

Why it matters: The partnership highlighted how automated regulatory reporting helped banks improve compliance, strengthen data accuracy and manage evolving regulatory requirements efficiently.

Salmon Bank (Rural Bank) Inc. has selected banking technology provider Profinch Solutions to automate its regulatory reporting to the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines. The bank adopted Profinch’s BSP Regulatory Reporting platform to improve reporting efficiency, data accuracy and regulatory compliance. 

The partnership focused on two key regulatory reporting requirements: the Financial Reporting Package (FRP) and the Comprehensive Credit and Equity Exposures Report (COCREE 2.0). 

Raffy Montemayor, Deputy CEO at Salmon Bank (Rural Bank) said, “Working with Profinch enables us to modernise our regulatory reporting process with a structured and scalable approach that supports our compliance objectives while providing a foundation for future regulatory initiatives.”    

The platform supported Salmon Bank’s existing FRP submissions under version 15 (V15) while preparing the bank for version 16 (V16). The BSP had deferred the FRP V16 implementation deadline to 30 June 2027, giving banks additional time to prepare their systems, processes and teams. 

The second requirement covered COCREE 2.0, which involved detailed reporting of borrower and counterparty credit and equity exposures. Unlike aggregated reports, this submission required more detailed data, higher volumes and additional validation checks. 

Profinch’s platform automated business, data schema and rule-based validations. It also generated XML files ready for BSP submission and included maker-checker workflows and exception dashboards to support review and approval at each stage. 

Nikhil Deshmukh, Business Head – Enterprise Apps, Asia-Pacific at Profinch, said the solution would help the bank improve reporting consistency, transparency and operational efficiency while strengthening governance and supporting accurate regulatory submissions. 

The solution was deployed within Salmon Bank’s own cloud infrastructure through a dedicated and isolated setup. This allowed the bank to retain control over its infrastructure and production data.  

 Chaitanya Kashyap, Global Business Head – Enterprise Apps at Profinch, highlighted the growing importance of building regulatory reporting systems that could adapt to changing requirements. He added that the platform would provide Salmon Bank with an enterprise-grade foundation to manage future regulatory changes. 

The engagement marked another step in Profinch’s expansion across Southeast Asia, as the company continued to support financial institutions with cloud-based banking technology and regulatory reporting solutions.