Pooya Core Financial Management System
The Pooya core financial system handles all banking financial affairs; meaning providing financial books and statements. In addition, it also comes to use in the following processes:
- All processes resulting in financial transactions, issuing accounting records and providing financial books and statements.
- Processes resulting in financial information generated during the activities of other units of the bank.
- Processes involved in providing reports based on the information produced in different levels of the organization such as the central accounting department, regional and main headquarters or branches.
A financial core system that is designed based on bank requirements
The management of the financial affairs optimization is vital to the performance of the organization and is in line with its mission and increasing profit. In other words, the management should be able to perform their tasks correctly and on time. This will result in an internal order and increased efficiency of different units. It will also enable sensitive decisions to be made and eventually bring more profit for shareholders.
The organization structure of banking financial affairs usually consists of offices such as accounting, auditing, securities, stock, insurance, statistics, inventory and asset accounting, risk management, shareholders, cash management, budgeting and etc, which need to be updated of the performance status of other units. Therefore integrated and updated information is vital to the banks financial managers. Clearly banks financial affairs will not be able to function properly without the presence of a core system that firstly integrates all banks financial information in one database and secondly guarantees to implement the policies of the head financial manager through the organization.
Moreover, financial management in banks and financial institutions are considerably different from the financial management in other organizations like industries and governmental entities or companies and trading institutions. It is worthwhile to mention that most of the systems designed for handling financial affairs of such institutions are unable to meet the needs of banking financial affairs. Therefore there is significant lack of a dedicated system that can handle banking financial affairs thoroughly.
The Banking Financial Approach
- Presenting the financial systems such as book keeping, warehouse accounting, receivable and payables accounting related to banking procedures and businesses.
- Presenting special functional systems such as statistics, legal deposits and inter comparison booklets for providing reports to the central bank, financial affairs organization and other stakeholders inside and outside the organization.
- The interaction of data and processed information between systems and therefore causing information flow.
- Eliminating the input and recording of repeated information, by separating each system’s tasks and responsibility limits.
- Eliminating information contradictions, by making common information between systems accessible.
- Storing received information from different levels of the bank centrally.
- Controlling and integrating independent and geographically scattered units.
- Defining basic and common information centrally.
- Keeping the work independency of user organizational units. For instance as the end of day book keeping activities, the following tasks can be mentioned:
Closing the financial year, providing the calendar of days off, warehouse handling, issuing classified records as a means of providing financial statements apart from records issued in book keeping and etc.
- Defining information and system equipment access licenses for users in different organization levels according to each user’s need in every unit.
- Defining different parameters based on the calculating item setting and classifying accounts from the user view point in different units.
- Daily decision making for the bank management
- Defining banks organizational structure, while keeping the hierarchy
- Introducing the account structure, document models and cost factors centrally; to be used through the banking network.
- Providing banks financial statement for the end of the month period along with related notes(combined and uncombined)
- Providing cash reports along with related notes
- Creating a fund exchange market between branches and calculating the profits and fees
- Providing managerial reports and the inter-period comparisons
- Providing investment and risk adequacy based on the Basel II standard.
- Recording changes in book values and calculating depreciation and purchasing
- Selling banking assets and bank estates
- Implementing integrated management on all incomes and expenses(auditing)
- Managing open items and automatically controlling them.
- Ease in resolving issues and making changes to service providing methods, tariffs and coefficients.
- Providing various financial reports
The integrated financial system consists of the following 21 modules:
- User management
- General basic management
- Book keeping
- Income and expense
- Assets and warehouse accounting
- The funding exchange market
- Legal deposits
- Governmental accounts
- Excess/shortage management of the resources of regional branches
- Account aggregation
- Open items of debits and credits
- Risk management
- Liquidity management
- Management of balance sheet items
- Financial Statements
- Interbank status comparison booklet
- Managing funds
Security is a vital part of the Pooya core financial system. Pooya is a strong protector of bank information in all transfer channels, using different information security solutions. The following are some of the Security features:
- Defining different groups of users and clients
- Setting user tasks and operational authorizations
- Controlling the user access to system resources
- Performing access management affairs
- Performing access management affairs, authentication, and issuing permissions centrally
- Requesting permissions from users for accessing user computer or any personal information on it
- Preventing unauthorized access to banking information
- Ability to codify messages with standard methods in different levels, based on standards defined in each level
- Using SSL and Digital licenses throughout the network
- Supporting different coding algorithm such as PKI, triple-DES and etc. For sending and receiving data, with protocols such as FTP and HTTP.
- Preventing SQL injection, by using OR-Mapper (without writing SQL in most programs) and also defining necessary parameters in the form of Bind variables of a certain type)
- Implementing controlling mechanisms and preventing internet thefts and user abuses, by utilizing the management system features such as defining each user’s authorized access, the hours of user access to the system and limiting their IP
- Recording a specific time for each kind of operations in the system along with the user ID
- Recording the history of changes made by users and therefore enabling auditing of operations involving sensitive data
- Ability to keep sensitive data coded in databases in order to prevent information theft