Ernst & Young (EY) offers a groundbreaking Effective Interest Rate (EIR) Calculator, tailored for the banking industry to streamline and enhance the accuracy of monthly financial reporting. Developed in collaboration with Atta Systems, this secure web platform seamlessly integrates with banks’ existing infrastructure and processes vast volumes of sensitive data, ensuring compliance and auditability. The calculator supports banks in efficiently managing extensive client portfolios, significantly improving operational efficiency and accuracy in financial reporting across leading financial institutions.
EY experts developed a comprehensive methodology to take the necessary information and produce the monthly Interest Rate Calculator (EIR) reports. The solution proved hard to scale. EY partnered with Atta Systems to develop a platform that automates the reporting task.
Implemented in
Able to manage
Bank clients
Razvan Pirnac
Senior Manager of Financial Accounting & Advisory Services @ Ernst & Young
While developing the Interest Rate Calculator, we had to overcome a series of challenges:
Product Challenges
Technical Challenges
We built a system that connects to a bank’s data sources, processes the required data, and produces the EIR reports: 5 aggregated reports for the whole client portfolio and several individual reports (for each client in the portfolio). Reports can be viewed online on the web platform or downloaded to usual exportable formats (CSV, xls). The system is designed to be deployed on a bank’s infrastructure and to leverage the existing data source and directory services (LDAP).
The proposed solution works as a web platform that helps the bank specialists run monthly effective interest rate calculations on their portfolio (for clients that contracted a credit with the bank).
Because EIR works with sensitive data, it is deployed within the bank premise, it is secure and all the steps that can be performed in the app are audited. To integrate easily with the bank system, we implemented LDAP so that bank personnel can log in with their credentials.
The proposed solution works as a web platform that helps the bank specialists run monthly effective interest rate calculations on their portfolio (for clients that contracted a credit with the bank).
Because EIR works with sensitive data, it is deployed within the bank premise, it is secure and all the steps that can be performed in the app are audited. To integrate easily with the bank system, we implemented LDAP so that bank personnel can log in with their credentials.
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User research to better understand the users and the system procedures including user interviews
User experience design, covering the journey of a user in the system
User interface design, branding, and the design system behind all the EY software components
Software engineering for the backend systems, the web apps: Java with Spring Framework, Angular.JS
Data engineering, ETL, Big Data.
Security audit & compliance.
Quality Assurance services and Continuous Monitoring solutions to make sure the uptime of the platform is close to 100%.
Software Architecture: We designed a robust system architecture, orchestrating multiple server-side components, integrations with bank infrastructure via secure protocols, and connectivity with the EIR web app.
DevOps Services: Our DevOps team manages deployment across both on-premise and cloud environments, ensuring scalable and reliable performance.
We create meaningful software products for our customers’ audiences. We are driven by the impact and value created for the people we work with and aim to be world leaders in our field.
