'We implemented and trained staff to use the tools in a one week time-frame. At the end of the training our staff were ready to talk to banks about how to use and complete the new Excel reporting templates and then for us to convert them'- Maltese FSA
Paris, France (PRWEB UK) 14 May 2014
With the deadlines for the first reports to be filed using the new harmonised European CRDIV reporting framework fast approaching, UBPartner announces the availability of the latest version of its XBRL Reporting Toolkit, which can be deployed in hours so that banks can generate their own XBRL reports from Excel templates. (http://www.ubpartner.com).
“Although the deadline is not far away there are still many banks and providers who need help with the conversion and checking of their XBRL submissions. The good news is that with the right software tools there is still time,” according to Martin DeVille, VP, Business Development at UBPartner, a leading provider of XBRL software.
“Our team is familiar with providing sophisticated XBRL technology for governments and market regulators to process thousands of XBRL reports or to help major financial software vendors to embed XBRL capabilities into their integrated disclosure management systems, but we recognised a need for banks and for smaller regulators to have a set of simple tools that they could deploy quickly and cost-effectively. So we built the XBRL Reporting Toolkit, which can be installed on a PC in minutes and provides the core XBRL conversion, validation and error reporting features to help them deliver 100% compliant XBRL reports. The best part is that the user only needs to know what data is required to be reported in the standard EBA Excel templates.”
Simple XBRL Reporting … Fast
The UBPartner XBRL Toolkit removes the need to understand complex XBRL syntax by providing pre-mapped Excel templates. Simply load the data into the template and run the XBRL Converter Tool to generate a 100% compliant XBRL document. A complete set of validation reports alert the user to any errors in the document. There is no need for an extensive implementation project taking many months, nor does it require that confidential information is sent over networks to remote portals or services to convert or validate the data, as the XBRL Toolkit can be installed on a local server or PC.
Exploiting the Power of XBRL
The UBPartner tools use the business rules contained in the XBRL taxonomy to test the consistency of the data, identify where numbers don’t add-up or where the right information has not been supplied. Any validation errors are highlighted in the specific Excel sheets and cells affected by using the XBRL Rendering Tool. The Excel documents can then be shared with colleagues to resolve any outstanding data issues. This simple approach enables organisations to improve the quality and the automation of their regulatory reporting process.
The UBPartner XBRL Reporting Toolkit is provided as a set of integrated components that can be configured to work as part of any organisation’s preferred workflow. Users can work on individual sections, validate them, correct them and then combine these sections into a complete report. The tools can be deployed as part of an existing application using an easy to use software development kit, or they can be run via a simple batch script that can generate multiple XBRL reports. The Toolkit also includes a Microsoft Excel add-in to enable the users to interact with the tools directly while they are reviewing or preparing a report.
For Application Vendors and Service Providers
The flexible, yet powerful tools also make it simple for software vendors or service providers to embed XBRL reporting capabilities into their applications.
Ingimar Bjarnason, Managing director of Applicon, a leading Nordic service provider in the financial sector commented, “I have been very pleased to see how easy it has been to use the UBPartner products, saving us lengthy and much costly development time. It means that Applicon can focus on delivering our customers the complete workflow, rather than having to spend our resources understanding XBRL in detail.”
Selecting the right XBRL technology platform ensures that any investment is protected as the regulatory frameworks adapt and the XBRL standards continue to develop.
Financial market regulators have also benefited from the simple, cost-effective approach taken by the Toolkit.
“We implemented the tools and trained staff to use it in a one week time-frame. At the end of the training our staff were ready to talk to banks about how to use and complete the new Excel reporting templates and then for us to convert them,” said Neville Agius - Head Information Systems within the ICT Unit of the Maltese Financial Services Authority (MFSA).
“The tools allow us to ensure that what we provide XBRL reports to European Supervisory Authorities like ECB that are 100% compliant with the relevant taxonomies and the embedded business rules. By using XBRL, MFSA believes that it can improve the quality of the data collection system and the timeliness of making the data available to our analysts for review.“
The Longer Term
“The XBRL reporting requirements for European Financial Services and other sectors will continue to develop and grow,” added Martin DeVille “UBPartner is investing in the XBRL Reporting Toolkit so that it can provide a cost-effective platform for all kinds of XBRL reporting. Our experienced consultants can help firms get the most out of XBRL and provide advice on how to make it work for them, plus our network of European implementation partners and OEMs can provide an extensive range of additional functionality and local services.”
The latest version of the UBPartner XBRL Reporting Toolkit and its components 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.
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 realise 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.
The 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 and Norway and by leading software vendors, such as Oracle, SAP and Infor.