ProCredit Bank is an international commercial bank primarily serving small and medium-sized enterprises. Recognized for its commitment to sustainability, digital transformation, and operational excellence, the bank continuously invests in innovative technologies to strengthen transparency and regulatory compliance. In recent years, the bank has experienced growth in its lending portfolio and digital services, resulting in increased volumes of regulatory data to be processed.
ProCredit Bank undertook a strategic initiative to modernize and streamline its regulatory reporting processes, aiming to enhance accuracy, efficiency, and compliance with evolving requirements from the Bulgarian National Bank (BNB) and European regulatory authorities. To achieve this, the bank partnered with Sirma to implement RepXpress - an intelligent software platform designed to automate report generation, data transformation, and regulatory submissions. The project targeted the reduction of manual efforts, mitigation of risks, and improvement in data traceability across reporting workflows.
Main Challenges
Before implementing RepXpress, ProCredit Bank relied heavily on internal solutions with mainly manual processes for preparing regulatory reports and consolidating data from multiple systems. This resulted in operational inefficiencies, increased risk of human error, and limited traceability across reporting steps. The bank needed to modernize its approach to meet growing regulatory demands while maintaining operational excellence and ensuring full compliance with both Bulgarian National Bank and European regulatory authorities.
Project Scope
Sirma delivered the implementation, customization, and integration of RepXpress - an end-to-end regulatory reporting solution enabling automated data aggregation, transformation, validation, and report generation in formats fully compliant with BNB (Bulgarian National Bank) and EBA (European Banking Authority) requirements. This project involved:
- User-friendly and reliable reporting infrastructure – Creating an intuitive platform that improved customer experience and internal workflows.
- Direct integrations with internal systems – Seamlessly connecting with existing bank systems to enable automated data transformations across multiple sources.
- Data warehouse implementation – Deploying a DWH that provides centralized storage, control, error correction, and capabilities for maintaining compliance tables.
- Regulatory compliance – Ensuring full compliance with ECB 575 regulatory framework - FINREP, COREP, CSOP, SOPS, AnaCredit and PSD2-related reporting frameworks.
- XBRL/XMLgeneration – Supporting XBRL/XML generation aligned with EBA taxonomies.
- Robust security and compliance mechanisms – Implementing enhanced security measures to protect sensitive regulatory data.
Delivery
The project began with a comprehensive assessment of existing reporting workflows. Sirma’s team identified all regulatory obligations, integration requirements, and data transformation needs. Key phases included requirements analysis and solution design, reports business model, defining the scope of data necessary for generating the final reporting forms, including data missing from the client’s systems and the methods for obtaining them, integration, automated workflow configuration, testing with real datasets, user training, and final deployment.
The project was completed within a 12-month timeframe, covering analysis, implementation, training, and a stabilization period. A combination of technologies and frameworks were implemented including Java / Spring Framework, Oracle databases, XML / XBRL generation tools, and Microservices architecture, following Agile methodology.
Sirma’s team successfully delivered the RepXpress platform by:
- Comprehensive assessment – Conducting thorough analysis of existing reporting workflows and regulatory obligations.
- Customized solution design – Developing a flexible platform tailored to ProCredit Bank’s specific regulatory requirements.
- Seamless integration – Connecting RepXpress with existing bank systems to enable automated data flows.
- Rigorous testing – Validating the solution with real datasets to ensure accuracy and compliance.
- Agile development methodology – Employing agile development methodologies to ensure flexibility, adaptability, and rapid iteration.
Results
Implementation of RepXpress delivered substantial improvements in ProCredit Bank’s reporting processes. The bank achieved full compliance with regulatory frameworks including BNB and EBA standards, while experiencing significant reduction in report preparation time through automation of data transformation workflows. The platform enabled full data lineage and traceability, significantly reducing manual errors and enhancing transparency across all reporting processes.
Post-implementation, Sirma provides ongoing support and regular updates based on regulatory taxonomy changes, ensuring ProCredit Bank remains compliant with evolving regulatory requirements.
Sirma and ProCredit Bank Partnership
Sirma’s partnership with ProCredit Bank demonstrates our commitment to delivering innovative technology solutions for the financial sector. By combining our expertise in regulatory reporting automation with ProCredit Bank’s vision for operational excellence, we have created a robust and efficient reporting infrastructure. This collaboration exemplifies the power of strategic partnerships in driving digital transformation in banking while ensuring regulatory compliance.
”The implementation of RepXpress significantly improved the efficiency and quality of our regulatory reporting. The system allowed us to automate key processes and ensure full compliance with regulatory standards. Working with Sirma was an example of professionalism and strong partnership.” ProCredit Bank Representative
