Indian Fintech Startup: Driving Global Financial Sector Modernisation

IRIS, an Indian fintech startup, is revolutionising the global financial sector with innovative solutions. It has tackled data inconsistencies, transitions to XBRL reporting, and expands globally through central bank partnerships.

TICE Partnership Programme

19 Apr 2024 12:49 IST

New Update

Transforming India's Financial Landscape Through Data Precision

In the labyrinthine landscape of modern finance, where risks may lurk in the shadows of data inconsistencies, the role of technology in bolstering oversight cannot be overstated. IRIS an Indian Fintech Startup has emerged as a key driver of innovation in collaboration with central banks worldwide.

Revolutionizing India's Financial Watchdog

Krishnan Balachandran, co-founder and CFO of IRIS, recounts the pivotal role their company played in revolutionizing India's financial oversight.

"We identified that the data coming from multiple banks for the same borrower may be inconsistent," This misalignment between reality and perception prompted Iris to devise a solution, culminating in the creation of a centralized repository of credit information.

Empowering the Reserve Bank of India

The Reserve Bank of India (RBI) embraced Iris's technological prowess, transitioning to extensible business reporting language (XBRL) under Iris's guidance. This seismic shift paved the way for a comprehensive understanding of the financial landscape, empowering the RBI to take proactive measures. The result? Non-performing assets plummeted to a decade-low in 2023, marking a triumph in Risk Management.

Breaking Borders with IRIS

Iris's influence transcends borders. From the verdant valleys of Bhutan to the bustling streets of Jordan, central banks have turned to Iris for innovative solutions.

Shailesh Gupta IRIS

Shailesh Gupta, Vice President of Iris, elucidates their collaboration with the Royal Monetary Authority of Bhutan, where they're spearheading the transition from paper-based supervision to a dynamic, data-driven approach. This endeavor, scheduled for completion this year, underscores Iris's commitment to modernization and efficiency.

Beyond Banking: Iris's Far-Reaching Impact

Moreover, Iris's impact extends beyond traditional banking realms. In Qatar, they've partnered with the Financial Centre Regulatory Authority to streamline reporting processes encompassing insurance entities. Meanwhile, in the Middle East, a central bank lauds Iris's unwavering dedication to excellence, citing their indispensable role in developing a robust data portal.

Big Milestones in IRIS Journey

Addressing Data Inconsistencies: Iris assisted the Reserve Bank of India (RBI) in monitoring non-performing assets (NPAs) by rectifying inconsistencies in data from multiple banks. This led to the establishment of a central repository of credit information, enabling timely actions that reduced NPAs to a 10-year low in 2023.
Transition to XBRL: Iris facilitated the RBI's transition to extensible business reporting language (XBRL) since 2008, providing consultancy, taxonomy creation, and building the XBRL reporting system. This enabled the collection of 130 returns from supervised entities, improving checks and balances in risk management.
Global Expansion: Building on its success with the RBI, Iris expanded its clientele to include central banks in Nepal, Jordan, Bhutan, Mauritius, and South Africa. Their commitment to excellence has earned accolades, particularly in the Middle East, where their data portal development for a central bank has streamlined data collection and analysis. Diverse
Financial Sector Solutions: Iris's projects extend beyond banking to cover insurance reporting in Qatar, where they manage data collection for 45 entities. Their work ensures the collection of over 60,000 data points at various intervals. Additionally, Iris is aiding the Royal Monetary Authority of Bhutan in modernizing its supervision practices, with a project slated for completion this year focusing on risk analytics and onsite inspections.

Pioneering India's Future of Finance

As financial landscapes evolve, Iris remains at the vanguard of technological innovation, fortifying the foundations of global finance one collaboration at a time. With a steadfast commitment to excellence and a penchant for innovation, Iris continues to redefine the boundaries of possibility in the realm of financial oversight.

Risk Management Indian Fintech Startup India's Financial Landscape IRIS Journey India's Future of Finance Shailesh Gupta Krishnan Balachandran