CoreFiling's XBRL Disclosure Management Platform™ proving its worth at the Bank of Ireland
Oxford, 16th October, 2014. CoreFiling, the leading developer of XBRL software products for regulators and XBRL report filers, have announced that the Bank of Ireland has been using the company's XBRL Disclosure Management Platform™ (XDMP) to meet its regulatory reporting obligations under the Capital Requirements Directive (CRD IV) since the start of the new filing regime in June this year.
The Bank of Ireland, a diversified financial services group headquartered in Dublin, has been using XDMP to prepare fully compliant XBRL disclosures and has submitted the mandated COREP and Liquidity Coverage Ratio reports to both the Central Bank of Ireland (CBI) and the UK Prudential Reporting Authority/Financial Conduct Authority (PRA/FCA) in line with regulatory deadlines.
XDMP takes the data from the bank's existing reporting framework and converts it into compliant XBRL documents, rigorously validated in accordance with both the XBRL specification and the rules issued by the European Banking Authority (EBA). The XDMP workflow process is uncomplicated; the XBRL data conversion is seamless; and the XBRL validation is stringent, underpinned by CoreFiling's flagship True North® XBRL validation and processing engine. True North also includes a fully conformant, up to date implementation of the Table Linkbase specification, central to the EBA's CRD IV taxonomy and the rendering of XBRL documents.
Significantly, the FCA also selected the True North XBRL validator for its own EBA reporting requirements and to assist the validation of COREP and FINREP filings from regulated entities such as the Bank of Ireland.
Philip Allen, Executive Chairman of CoreFiling said: "Many financial institutions have struggled to submit fully compliant XBRL reports in due time, and navigating the complexities of the EBA's specified rules has not proved easy. CoreFiling's professional services experts offer a deep understanding of this intricate subject and XDMP, built on True North's stringent validation, delivers to customers quality XBRL disclosures that are fully conformant with all prescribed business rules."