CoreFiling launches alternative to EIOPA’s decommissioned XBRL Tool for Undertakings (T4U)
OXFORD, 6 June 2017: CoreFiling, a leading provider of regulatory and business reporting software, announced today that it is launching a low cost and more accurate regulatory filing platform, Seahorse®, in direct response to the decommissioning of the European Insurance and Occupational Pensions Authority’s (EIOPA) XBRL Tool for Undertakings (T4U) from July 2017.
The Seahorse® platform has been designed to generate error-free and fully validated XBRL reports under Solvency II regulation to enable insurance companies make 100% taxonomy compliant submissions to regulators. Using the exact same validation engine that is used by the Bank of England and the Financial Conduct Authority (FCA) to validate submissions from filers, the tool is able to easily create XBRL filings from the familiar environment of Microsoft Excel.
CoreFiling is presenting Seahorse® as a direct successor to T4U and is offering a free trial to new users. As T4U will no longer support taxonomy updates from July, Seahorse® is intended to reassure filers looking for a fully-compliant alternative that can be integrated with their existing workflow.
CoreFiling’s executive chairman Philip Allen explains, “Thanks to its intuitive user interface and powerful validation engine, Seahorse® is already trusted by financial institutions and regulators worldwide. However, it is its cloud architecture that makes Seahorse® flexible enough to respond to rapid changes in the reporting environment – whether that is new taxonomies or new regulations.”
As regulatory reporting continues to evolve, its increasing complexity presents filers with a constant stream of challenges. In the last six months alone, UK Common Reporting (COREP) and Financial Reporting (FINREP) filers have seen the introduction of National Specific Templates, and a new taxonomy from the European Banking Authority (EBA). Solvency II updates include new recommendations from the Prudential Regulation Authority (PRA) for maintaining the transitional measure on technical provisions (TMTP) calculation.
Allen continues, “In the current reporting climate, filers need to be more agile than ever. Cloud-based solutions such as Seahorse® are specifically designed to anticipate and accommodate the kinds of fast-paced taxonomic changes we are seeing today. Cloud architectures and regulatory automation will become more important than ever as filers try to meet increasingly challenging regulatory requirements.”
Learn more about Seahorse®.
CoreFiling is a leading global provider of regulatory and business reporting software to insurance companies, banks, enterprises and regulators, including Bank of England, the Financial Conduct Authority (FCA) and HMRC. CoreFiling’s products are trusted by the world’s National Competent Authorities, regulators, filers and enterprises, and customers include 3 of the top 5 High Street banks, all of the ‘Big Four’ accounting firms and over 200 organisations in 26 countries including Companies House, Prudential, Fortis, Barclays, KPMG, PWC, Deloitte and Bank of Ireland. Its software has been used to process 11m corporate tax filings and 8m corporate statutory accounts filings in the UK since 2011, involving the validation and further processing of 30m Inline XBRL documents in total. Most of the world’s heavily used taxonomies were developed using CoreFiling tools.
Simon Dutta, Director of marketing.
Phone: +44-1865-203192 ext. 1271
Osney Mead House, Osney Mead, Oxford, England, UK, OX2 0FA.
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