The new CRD IV banking directive is about to take effect. But how prepared are the traditional banking software vendors to help their clients issue their first reports?
From April the UK Financial Conduct Authority (FCA), for example, will be collecting the first COREP reports in the new XBRL (eXtensible Business Reporting Language) format against the taxonomy issued by the European Banking Authority.
There are, however, growing concerns around the availability of fully functional, XBRL-enabled software in time to meet the deadlines imposed by the new reporting regime. Several traditional suppliers are likely to fail to meet the due date, especially as changes to the taxonomy may occur even at this late stage, and those with hard-coded solutions may struggle to implement the necessary changes in time.
However, there is an alternative for beleaguered vendors.
CoreFiling is offering a rapid enablement option to help vendors over the first reporting hurdle, followed by further assistance to XBRL-enable their offerings.
To overcome the immediate reporting obstacle, CoreFiling’s Seahorse® provides simple to use, SaaS-based Zero-Tag™ technology for the generation of Excel forms that, when completed, are seamlessly turned into compliant XBRL documents ready for submission.
In a second phase, vendors can then take advantage of CoreFiling’s in-depth XBRL expertise to incorporate fully standards-based components into their offerings and ensure the output of fully valid XBRL documents. True North®, CoreFiling’s flagship XBRL processor and validator, is a key element in this second stage. It’s the component of choice for the FCA’s own EBA reporting requirements and validation of COREP and FINREP filings received from the UK financial market, so vendors can be sure they are validating documents to the same exacting standards as the regulator.