Bucharest, June 28, 2023 - OTP Bank Romania has successfully submitted and validated the SAF-T (406 Declaration) fiscal control statement, becoming one of the first banks in Romania to meet this reporting requirement. For the implementation of the SAF-T project, OTP Bank collaborated with New Business Dimensions, a company specialized in reporting solutions for the banking sector.

Obtaining the first SAF-T D406 declaration involved processing over 1.5 million transactions and correlating over 320 indicators from the bank's operational systems. Within the project, New Business Dimensions consolidated and integrated data from multiple operational systems owned by OTP Bank.

The main challenge of the project was to comply with the high level of detail and accuracy required by the tax authorities and, consequently, to adjust the IT systems accordingly. The entire process was facilitated by OTP Bank's level of digitization and the existence of a central data repository, as well as the support provided by New Business Dimensions consultants. These elements allowed the bank to submit and validate the SAF-T fiscal control statement before July 1, the deadline set by the authorities for financial and banking institutions.

"SAF-T was a unique project, both in terms of novelty and the complexity of the data required to obtain the declaration," said Mihai Popescu, Project Coordinator at OTP Bank Romania. The mobilization of everyone involved was exemplary, and the mix of skills among colleagues from taxation, IT, and accounting contributed to the successful completion of the project. Additionally, the partnership with New Business Dimensions helped us overcome all obstacles and succeed in obtaining a correct and valid declaration ahead of the legal deadline requested by the authorities."

New Business Dimensions relied on the team's knowledge in reporting projects, as the company has extensive experience in the Romanian banking market.

"SAF-T brought two challenges, one on the business side, which involved changing the way data is recorded in operational systems to comply with the level of detail required by the authorities, and one on the technical side, related to the effective extraction, transformation, and consolidation of all this information. However, SAF-T is not a project that ends with the submission of the first declaration but continues in the long term and requires a high level of rigor in the process of collecting, maintaining, and processing financial and accounting data," considers Corina Nabusevschi, Business Analyst Manager at New Business Dimensions.

SAF-T (Standard Audit File for Taxation) represents an international standard for the electronic transfer of accounting data between taxpayers and tax authorities. Reporting in the SAF-T format (406 Declaration) is an initiative of the Organization for Economic Cooperation and Development (OECD) for the unified collection of financial and accounting data globally. The SAF-T format has been adopted in several European countries and will eventually be generalized throughout the European Union. The format adopted by Romania is one of the most complex, involving the reporting of over 450 accounting, financial, and tax-related data regarding company transactions.

About OTP Bank

OTP Bank Romania is a subsidiary of OTP Group, a universal bank with a strong presence in Central and Eastern Europe, offering comprehensive financial solutions in both retail and corporate segments. After four years of consistent and significant growth across all lines of business, OTP Bank is now transitioning towards consolidating its portfolio and operations. With a team that embraces change and leverages its potential, OTP Bank Romania is building a culture of trust at every level of the organization. In Romania, the members of the OTP Group include OTP Bank Romania, OTP Consulting, OTP Leasing, OTP Asset Management, OTP Factoring, OTP Advisors, and OTP Bank Romania Foundation.

    
For further information: 
Communication Team OTP Bank Romania, 
 www.otpbank.ro 
E-mail: comunicare@otpbank.ro 

About New Business Dimensions

New Business Dimensions (NBD) is a pioneer in introducing Business Intelligence solutions in financial institutions in Romania.

Starting in 2010 with the BIND platform - an innovative solution, continuously updated and successfully used in the field of reporting (MIS, business reporting, statutory reporting), the New Business Dimensions portfolio has diversified, currently covering products and services in the area of analysis and data management, intended to provide real-time decision information.

The NBD company ended the 2022 fiscal year with a turnover of over 5 million euros.

Media Contact:
New Business Dimensions
www.nbd.ro
+40 31 426 0259
office@nbd.ro