The key measure of success is the bank or insurance firm getting their reports 100% correct and delivered on-time to the regulator with as little fuss as possible
Paris, France (PRWEB UK) 14 September 2017
Adopting a new technology is not easy for any organization. Facing new and more stringent regulatory reporting requirements is also never fun.
Combine the two together and the pressure on finance and compliance departments to deliver 100% correct reports on time is intense. So, when UBPartner and BRSANALYTICS got together to deliver a solution that would address the needs of banks and insurance firms to deliver CRD4 and Solvency II reports in XBRL, the focus was on making sure that the customer would get the best support possible.
Whatever the question, whatever the issue, the UBPartner and BRSANALYTICS service teams are always available to give an answer or prepared to go the extra mile to find a solution. UBPartner’s in-depth knowledge of XBRL and the CRD4 and Solvency taxonomies means that answers to critical reporting questions are never far away, while BRSANALYTICS’s extensive knowledge of the financial services reporting frameworks means that advice and solutions are delivered in a way that banks and insurance firms can understand and immediately implement.
Now 20 firms have successfully started their journey to adopt XBRL reporting, using the BRSANALYTICS application and UBPartner’s XBRL Toolkit to deliver 100% valid reports.
“The key measure of success is the bank or insurance firm getting their reports 100% correct and delivered on-time to the regulator with as little fuss as possible,” stated Andrew Borg of BRSANALYTICS. “We are looking to roll out the same super service across Europe for CRD4 and Solvency II, plus we are addressing the needs of customers who also have to report their local regulatory reports (NSTs) or to the Single Resolution Board (SRB) in XBRL. We expect XBRL reporting requirements to grow and grow as other European regulators adopt it and expect to support XBRL frameworks wherever they are implemented.”
“Hats off to both service teams, as they have done a fantastic job in helping so many firms prepare and deliver their first XBRL report,” added Martin DeVille from UBPartner. “Keeping our eyes firmly fixed on what the customer needs means that we are always ready for the next step, be that a new set or reporting templates for Belgian banks or a simple Cloud Service for smaller firms that do not have the IT resources.”
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
BRSANALYTICS, part of the Computime Group, provides Fintech solutions, with its flagship application being the BRSANALYTICS regulatory reporting platform, automating the process of collating and production of regulatory reporting for banks and financial services. Computime Group provides business IT solutions ranging from IT Security, infrastructure, managed hybrid cloud solutions as well as business software and integration solutions for medium and large-sized organisations. See http://www.brsanalytics.com and http://www.computime.com.mt.
About the XBRL Toolkit (XT)
The UBPartner XBRL Reporting Toolkit is a simple set of reporting tools to enable companies required to convert, validate and render their data in XBRL. It’s ease of use and low cost makes it the ideal solution for banks and insurance firms looking to adopt XBRL.
However, the same XBRL technology platform is used by financial regulators, tax offices and business registers, so the XBRL Toolkit is 100% up to date with the latest standards and can scale to support the largest implementations.
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 and Infor.
For further information, visit http://www.ubpartner.com