The challenge
What had to be solved
Revenue from transaction taxes depends on data held by banks and fintechs. NRS needs that data submitted securely, checked against the rules and kept in a form that can be audited.
- Electronic Money Transfer Levy (EMTL)
- Withholding tax
- Value added tax
Scope
Scope of the engagement
Secure API submission of EMTL, withholding tax and VAT transaction data
Validation against compliance rules
Reporting and audit
Secure storage
Onboarding banks and fintechs onto the RevAssured platform
Approach
How we approached it
A three-year engagement delivered as software: requirements first, then iterative development with demonstrations at each stage.
- Discovery
- Requirements, data definitions and the technical architecture agreed before build.
- Design
- Interfaces, database schema and API contracts defined for the institutions submitting data.
- Iterative build
- Development in sprints with regular demonstrations.
- Testing and acceptance
- Automated and manual testing, then user acceptance testing with the client.
Architecture
Solution architecture
Financial institutions submit transaction data through an API. Each submission is validated, stored securely and made available for reporting and audit.
- Submission API
- Receives EMTL, withholding tax and VAT data from banks and fintechs.
- Validation
- Checks each submission against the compliance rules.
- Secure storage
- Retains submissions for audit.
- Reporting and audit
- Gives NRS a view of submissions and exceptions.
Security
Security and compliance
- Secure submission
- Institutions submit data over an authenticated API.
- Secure storage
- Submissions are stored securely and retained for audit.
- Audit trail
- Submissions and validation results are recorded for audit.
Results
Results and status
StatusOngoing.