LPS to Prepare Technology System to Improve Guarantee Data Accuracy

Jakarta (ANTARA) - The Deposit Insurance Corporation (LPS) is preparing a core system technology to obtain banking data in real time so as to improve the accuracy of guarantees and the bank resolution process. Chairman of the LPS Board of Commissioners Anggito Abimanyu said that LPS currently monitors 1,594 banks consisting of commercial banks, sharia banks, regional banks, digital banks, and people’s economy banks (BPR). However, the data detection process still faces latency of up to 30 days. “So we will develop data or data information that we manage in real time. This will also enable improved accuracy and data validation in relation to guarantees and resolutions,” Anggito said at the Working Meeting with Commission XI of the DPR RI in Jakarta on Tuesday. Anggito explained that the problem of banking data latency, especially for BPR, is because the financial statements submitted to LPS and the Financial Services Authority (OJK) have a delay of around one month. This condition poses a challenge for LPS, which requires real-time data in the bank resolution process. As Anggito noted, the resolution process has often used data with a cut-off date from the previous month, so changes in the latest period have to be re-verified manually. As a result, LPS faces around 20 legal lawsuits, most of which are triggered by data differences or inaccuracies, particularly for BPR. Therefore, to overcome this issue, LPS will develop real-time data management based on artificial intelligence (AI) via a sovereign cloud to safeguard data security and confidentiality. Anggito added that the programme can later be used together with OJK. In the initial phase, the core system will be piloted with BPRs so that their systems can connect directly to LPS’s system. “We want to trial it with the BPRs first, because these BPRs will have their core systems built; they will connect to our system so that we can obtain real-time data at the right time,” Anggito said.