Ensuring data integrity is a key factor in financial reporting, and this has normally been achieved using an independent and trusted third party. In recent years, however, the merits of DLT – and especially its ability to create immutable records – have become increasingly apparent, with the result that many institutions are migrating to a DLT-based based reporting model. But this process can be self-defeating, as moving different systems within the organisation to the new model creates multiple unlinked ledgers, each with different and complex interfaces, in addition to extant legacy systems. This makes the job of auditing extremely complex and time consuming.
With Overledger OS, however, the issue of multiple ledgers is instantly, and easily, addressed. This is because Overledger can provide a single interface to all these systems, providing access to the most up-to-date data at any time, without dealing with the complexities of multiple legacy and DLT-based transaction records.
One immediate benefit of this is much lower reporting and audit costs, plus timely and accurate reporting to regulators. But this is far from all. Overledger OS also allows access to real-time management information for improved risk management, thus improving business outcomes and demonstrating compliance and control to regulators, and offers the possibility of a real-time regulator dashboard, making the institution transparent to its regulator. Other benefits include the ability to build further functionality from a unified view, in order to identify risks, trends and opportunities in transaction flows through the organisation.
