UBPartner has an excellent reputation and its underlying XBRL technology is used around the world in major projects.
Paris, France (PRWEB UK) 5 December 2016
UBPartner, a leading European provider of XBRL tools and services (http://www.ubpartner.com), announced today the addition of a new Portal capability to its XBRL Toolkit (XT). The XT Portal provides the same simple-to use and powerful XBRL tools to convert, validate and render XBRL documents, while further enhancing the usability of these tools by adding a new enterprise-level interface, flexible shared workflows, role-based access controls and enhanced performance through parallel document processing.
The UBPartner XBRL Toolkit is already being used by hundreds of banks and insurance companies in Europe that need to submit CRD4 (COREP and FINREP) and Solvency II reports in XBRL format. These simple-to-use, yet powerful tools have also been adopted by industry and financial application suppliers, systems integrators and services firms to enable them deliver 100% compliance for their clients. UBPartner has further extended its support for XBRL by adding pre-mapped templates for local National Specific Templates (NSTs) to support additional XBRL reporting requirements in countries such as Ireland and France, plus new XBRL reporting frameworks, such as the Bank of Israel’s new Banking Supervision Directives.
“The Bank of Israel’s adoption of XBRL reporting was totally new for us, so we needed a partner who had the specialist software and the expertise to provide the right support to our banking customers. UBPartner has an excellent reputation and its underlying XBRL technology is used around the world in major projects.” stated Reshef Radin, Board Member responsible for Partnerships and Banking Solutions at HMS (http://www.hms.co.il/en/), a leading Israeli systems integrator. “The partnership has worked well despite the BoI implementation being very difficult as the regulator, banks and local IT suppliers were learning as they went along”.
“UBPartner’s XT Portal and pre-mapped templates removes the need to understand complex XBRL syntax. Our users can simply load the data into the template, then upload and run the XBRL conversion tools to generate a 100% compliant XBRL document. The system delivers a complete set of validation reports that alert the user to any errors in the report. They can then review any errors at a business level, by highlighting them in the template. Once the XBRL document is generated with no errors, it is ready to submit” he added.
Extending the Power of XBRL
“Many of our customers across Europe were asking how they could utilize our XBRL Toolkit in a multi-user, multi-taxonomy environment. So we worked with them to define a set of capabilities that have become the XT Portal. They helped us to test and develop the core requirements and their feedback over 9 months has been invaluable in ensuring that the XT Portal meets exactly what users are looking for to extend their current XBRL systems and to integrate XBRL more fully into their reporting processes.” said Laetitia Boublil, Development Director at UBPartner.
“In addition, we wanted to help firms who already have their own preferred Portal for reporting. So we have worked with a development partner to ensure that the same APIs for our tools that underpin the new XT Portal can also work with standard commercial Portal environments, such as Microsoft SharePoint.” she added.
The Way Forward
The UBPartner XBRL Reporting Toolkit does not require an extensive implementation phase over many months, nor does it require that confidential information is sent over networks to remote portals or services to convert or validate the data.
“Tight deadlines, new technology and uncertain future requirements make the move to XBRL reporting potentially stressful for reporting banks and insurance companies” said Roger Haddad, President, UBPartner “We have used all our experience in implementing XBRL systems for national banking supervisors and working with major financial application vendors, to design a set of tools that are easy to integrate, simple to use, but also powerful and proven to work.”
The latest version of the UBPartner XBRL Reporting Toolkit and the new XT Portal will be made available for download from the UBPartner download website in the coming weeks for customers and partners who have current agreements.
XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and numerous government agencies. The XBRL standard is maintained by XBRL International: http://www.xbrl.org
HMS Consulting Group is a leading Israeli consulting firm serving the financial and banking sectors in the areas of consulting, professional services and information technology. The group, consisting of approximately 200 multi-disciplinary consultants, uses their expertise and leverages their abilities in the domains of accounting, information systems and the financial world, resulting in a continued business advantage for its customers. HMS possesses 20 years of experience gained from hundreds of projects, embracing consulting, development and integration of large information technology solutions for medium and large businesses. http://www.hms.co.il/en/
UBPartner is a privately owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realize the benefits of XBRL – from the underlying processing engine, to desktop development and deployment tools, all the way to packaged solutions for regulators and government agencies.
UBPartner technology and tools are used today in many advanced and demanding XBRL environments such as market regulators, government agencies and major corporations in France, Belgium, UK, Ireland, Poland, Norway, and Luxembourg and by leading software vendors, such as Oracle, SAP and Infor.
For further information, visit http://www.ubpartner.com