Efficient Transformation in the Central Bank of Uruguay with K2B GRP
Description
The Central Bank of Uruguay (BCU) is the state body whose purpose is price stability and the regulation and supervision of the Financial System and the Payments System, in addition to the issuance of banknotes and monetary policy.
In 2011, the agency embarked on an ambitious digital transformation project and chose K2B GRP to carry it forward. The aim was to include a solution that would make its accounting and administrative processes more robust and effective, resulting in greater efficiency and control of its systems.
Over the years, the project evolved and consolidated itself as a key element in the continuous improvement of the Bank’s internal processes. In 2022, a further milestone was marked with the migration to the latest version of K2B, ensuring that the institution will benefit from the latest innovations and technological improvements.
The project was led by a multidisciplinary team including project manager, change management, functional leaders and key users.
Scope
The scope included the implementation of all modules of the K2B GRP.
The focus of the project was on achieving centralised control of regulations, while allowing for decentralised operation to streamline day-to-day processes.
The selection of K2B as a technology partner was not by chance; the platform offers the flexibility to adapt to the specific complexities and requirement
Results
- Operational efficiency:
Streamlined processes and time optimisation.
- Centralised Management:
Single point of storage for all internal information.
- Enhanced Regulatory Compliance:
Procurement tool to ensure compliance with TOCAF (Orderly Text of Accounting and Financial Administration).
Regulatory compliance in all financial transactions.
- Optimisation of Payments to Suppliers:
Efficient integration with internal systems.
Implementation of a supplier portal to reduce payment processing times, strengthening supplier relationships.
- Real-time information:
Instant access to up-to-date data for timely decisions.
