UBPartner Ready for Pension Fund and Single Resolution Board Reporting as XBRL Usage Expands Its Role in Regulatory Compliance Across European Financial Services.
XBRL Toolkit to provide easy-to-use, low-cost solution for EIOPA Pension Funds and SRB reporting in Europe.
PARIS, Nov. 6, 2018 /PRNewswire/ -- UBPartner (www.ubpartner.com) confirmed today that its XBRL Toolkit (XT) supports the new EIOPA Pension Fund taxonomy, SRB's Liability Data Report (LDR) and Single Resolution Fund (SRF) taxonomies. The easy-to-use, low-cost XBRL software tools are already being used by over 500 banks and insurance firms across Europe to deliver compliance reports for the CRD4, Solvency 2 and many local, national regulatory reporting frameworks.
Having tested earlier versions of the new Taxonomy Packages with its network of implementation, OEM and services partners, UBPartner is now making the latest releases available to Pension Funds and banks that also wish to ensure that they are ready for the new reporting frameworks.
For full details of testing options and evaluation software, contact [email protected].
Why test your reporting software and processes early?
Laetitia Boublil, Head of Development at UBPartner advises: "XBRL validation places a much greater emphasis on the consistency of information and data quality than existing Excel or PDF reporting frameworks, and our experience of implementing numerous CRD4 and Solvency projects shows that it is best to start your planning and testing early. Though the deadlines may feel a long way off, planning ahead will ensure that you are prepared for any extra demands."
"In particular we recommend that banks and insurers review their existing internal processes to assess how XBRL can help them to both improve the automation of compliance reporting and establish better quality checks."
UBPartner XBRL Toolkit (XT): a simple way to make XBRL work for companies
XBRL can be a complex reporting format, one that businesses often do not have the resources, expertise or time to understand fully. UBPartner has used its extensive knowledge of how XBRL works to develop a simple, yet flexible suite of tools, that can be easily integrated into any business environment.
UBPartner's XBRL tools are designed to make the process as simple as possible, i.e. load the data into the relevant templates; run the XBRL Conversion Tool, and the system will generate an XBRL document that is fully validated against the rules in the relevant Taxonomy.
The XT Summary report immediately highlights if the process was successful or not and identifies where any errors are. Business users can see the errors highlighted in the Excel templates or IT staff can interrogate the full technical validation reports. Once the XBRL document is 100% compliant, the report can be checked against any local filing rules and formatted with any special local reporting requirements, ready for submission.
XBRL Toolkit (XT): flexible to deploy
XT is also designed so that businesses can work on reports in a modular way. Users are able to write, validate and correct individual sections, and then combine them into a complete report.
The tools can either be integrated into an existing application using a simple API, run via a standard batch script, or accessed via a Microsoft Excel add-in. The XT Portal is for Group Finance or Shared Service providers looking to provide XBRL services to multiple reporting entities or clients. The Portal provides additional work-flow, audit tracking and shared resource management, and is also available on a 'software as a service' basis (SAAS), whereby UBPartner manages the system and provides access to users over our secure XT Cloud Service.
XT has been certified by XBRL International to support the full XBRL standards. This ensures that XT can support any compliant XBRL taxonomy and confirms UBPartner's commitment to supporting future changes to European Financial Services taxonomies.
About XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the market standard for financial information exchange and reporting. Leading organisations such as the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and numerous government agencies are driving XBRL programs. The XBRL standard is maintained by XBRL International:www.xbrl.org.
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.
For further information, visit www.ubpartner.com
Contact information:
Martin DeVille, VP Business Development: [email protected]
General information: [email protected]
SOURCE UBPartner
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