Announced: Seahorse® is the T4U Successor

After the recent EIOPA announcement that the XBRL reporting tool T4U will be decommissioned next month, many filers are now looking for a quick solution to keep their submissions compliant.

At CoreFiling, it’s our business to keep you compliant – that’s why we are proud to announce that we are offering a free trial to our cloud-based regulatory filing platform, Seahorse®. The successor to T4U.

This free trial gives you the opportunity to create one complete filing to submit to a regulator – and even better, users will have three months to explore the software before submitting their filing. Here are just some of the ways in which Seahorse® can help your organisation:

The Benefits

  • Seahorse® lets you create fast, error-free XBRL filings. Unlike T4U, its data rendering is XBRL-based, so the reports you send will never have data conversion errors or approximations. The data is 100% accurate every time.
  • Seahorse® is hosted in the cloud. Its architecture lets you update taxonomies instantly, with no tedious installations. You can create and view your filings anywhere, any time.
  • Seahorse® allows you to easily create XBRL filings in the familiar environment of Microsoft Excel.

How do I sign up?

Trial access is available to anyone. To claim your trial, simply visit our website and fill out the sign up form.

Will software vendors be ready for COREP reporting?

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.