XBRL Cloud Service Welcomes Its 100th Solvency and CRD4 User

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UBPartner’s new XT Portal Cloud Service is welcoming its 100th customer following a rapid take off since its launch in January 2017, making it even simpler for insurance firms to replace EIOPA’s T4U or for banks to deliver the increasing number of National Specific Templates (NSTs) to local supervisors.

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The UBPartner XT Portal service fully met our requirements and even the largest asset data file can be validated within minutes.

UBPartner, a leading European provider of XBRL tools and services (http://www.ubpartner.com), announced today the 100th customer to join its new cloud based service for converting and validating Solvency and CRD4 submissions.

Based upon its hugely successful XBRL Toolkit (XT) and XT Portal capability which are already delivering low-cost and proven tools and templates to hundreds of clients across Europe for both CRD4 and Solvency II, the cloud service was developed to enable banks and insurance firms to get up and running with XBRL even faster.

The XT Portal cloud service 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 simple SAAS option.

Since its test launch in January 2011, the service has proven to be extremely popular. The ability to simply log on, download templates and start working on them has been a major draw for smaller insurers and Actuarial consulting firms.

“It was our goal to find XBRL conversion software which was both efficient and provided a simple method of validating the XBRL files for our insurance clients, which have very comprehensive asset portfolios. The UBPartner XT Portal service fully met our requirements and even the largest asset data file can be validated within minutes. We are now able to concentrate fully on the content of the submissions rather than on its format and the validation process” stated Thomas Gisler, Managing Director of Valucor a leading actuarial consulting firm.

Trusted and Simple XBRL Tools

The simple-to-use but powerful UBPartner XBRL Toolkit has also been adopted by industry and financial application suppliers, systems integrators and services firms to enable them to 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 Belgium, Ireland and France, plus new XBRL reporting frameworks, such as the Bank of Israel’s new Banking Supervision Directives.

Now even easier to replace EIOPA’s Decommissioned T4U

The UBPartner XBRL Reporting Toolkit does not require an extensive implementation phase over many months, just sign up, download the templates and start working.

“Tight deadlines, new regulations and changing reporting requirements make the new European reporting frameworks challenging for reporting banks and insurance companies” said Martin DeVille, Business Development Director at UBPartner “However, we can now deliver to them a powerful range of simple to use XBRL tools via a wide and flexible range of implementation options, from a simple Excel Add-In on a local PC to a complete integrated application serving multiple reporting entities; from an ‘on premises’ solution to a full SAAS offering.”

“However, the most important part for insurers that must move from EIOPA’s T4U as it becomes unsupported at the end of the year or for banks facing more requests to deliver new local Templates or new reports to the European Single Resolution Board, the XBRL Toolkit is fully tested and proven to work.”

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

About Valucor

Valucor Is based in Zürich Switzerland and in Vaduz Liechtenstein. It offers actuarial consulting, project consulting and administrative services to insurance firms.

For further information, visit http://www.valucor.ch

About UBPartner

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.

For further information, visit http://www.ubpartner.com

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Martin DeVille
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