IRIS Business Services has been awarded the “Best Technology Service Provider” Award 2024 by Central Banking at London for the Central Banking implementations worldwide, including that of Nepal Rastra Bank, Central Bank of Jordon, Reserve Bank of India, Qatar Financial and Commodities Regulatory Authority, Royal Monetary Authority Bhutan, Bank of Mauritius and South African Reserve Bank.
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In a prestigious ceremony held at Whitehall, London, IRIS Business Services was honored with the “Best Technology Service Provider” Award 2024 by Central Banking. This accolade recognizes IRIS’s outstanding contributions to the central banking sector worldwide, including significant implementations for Nepal Rastra Bank, Central Bank of Jordan, Reserve Bank of India (RBI), Qatar Financial and Commodities Regulatory Authority, Royal Monetary Authority of Bhutan, Bank of Mauritius, and South African Reserve Bank.
The award was received by Mr. K Balachandran, Co-founder & CFO of IRIS, and Mr. Padmanabhan Anand, President of IRIS Business LLC, during the Central Banking Summer Meetings on June 12th, 2024.
Announcing the award, Christopher Jeffrey – Editor in Chief, Central Banking Publications commended IRIS and said, “This technology company has developed strong relationships, from Bhutan to India and from Jordan through to Qatar. The CRILC solution built for RBI played an important role in NPA management as well.” IRIS, he added, has “helped central banks meet their supervisory goals with technical excellence, enabling them to secure timely, accurate and usable financial data.
Upon receiving the award, Mr. Balachandran expressed his gratitude and reiterated IRIS’s dedication to delivering exceptional value to its clients. Quoting Mr. Balachandran, “We remain excited and committed to delivering value to central banks across the globe. We have been working with central banks in suptech, starting with the RBI, for the past fifteen years. Our customers are our strength, pushing us to innovate and adapt to this ever-changing regulatory landscape. And we find change is the only constant in this area.”
The award reflects the company’s unwavering commitment to excellence and its ability to deliver cutting-edge solutions that address the evolving challenges of central banking.
IRIS has carved a niche for itself in the realm of regulatory and supervisory technology (suptech).
The Reserve Bank of India was also awarded ‘Risk Manager of The Year’ award at the same function. This is the third award presented to an Indian national/ Indian entity in the last two years by the magazine. Previously, Mr. Shaktikanta Das, Governor, RBI had received the ‘Governor of the Year’ award in 2023.
IRIS’s portfolio of services includes a broad range of suptech solutions designed to meet the diverse needs of central banks. These solutions enable better regulatory oversight, improved data management, and enhanced analytical capabilities, helping central banks successfully handle the complexities of modern financial needs.
The company’s suptech journey began with its pioneering work for the Reserve Bank of India including Automated Data Flow (ADF), Central Repository of Information on Large Credits (CRILC-RBI) and Centralised Information CIMS project implementation. CRILC project was instrumental in transforming how large credit data is managed and utilized, setting a benchmark for similar initiatives globally.
As IRIS Business Services looks to the future, it remains steadfast in its goal to innovate and provide top-tier technology solutions that empower central banks worldwide. The company’s success story is a clear indicator that with dedication, innovation, and customer-centricity, significant milestones can be achieved, benefiting the global financial eco-system as a whole.
