May 25, 2016 –
Dutch bank will use XBRL solution for submitting reports to central bank
XBRL standard is becoming widely adopted among European central banks and is constantly updated, says solutions provider
Regulatory reporting and risk management solutions provider AxiomSL has announced that Anadolubank Nederland, a Dutch subsidiary of Anadolubank Turkey, has decided to use AxiomSL’s XBRL solution to submit a wide range of regulatory reports to De Nederlandsche Bank (DNB).
The project follows DNB’s decision to align with other European central banks by mandating the use of XBRL, a standard for business information exchange, for European Banking Authority (EBA) regulatory submissions.
Anadolubank Nederland will use AxiomSL’s solution to convert its regulatory reports for a range of regulations from Excel and other formats into the XBRL taxonomies specified by the EBA.
Ed Royan, chief operating officer, Europe, Middle East and Africa, at AxiomSL, says the company has invested a lot of money over the past few years into the platform to be able to natively support XBRL submissions.
“Unlike other vendors in the market, who have bolted on tagging solutions to generate the XBRL, our platform provides a solid foundation that supports quick generation of XBRL, avoiding complex, often problematic integration issues,” he says.
“There has been constant XBRL taxonomy change since EBA first published the requirement. The next version is going live in September, so there have been almost quarterly updates. Clients require sophisticated software that can respond to this constant and rapid change.”
AxiomSL’s solution provides the latest iterations of the XBRL taxonomies mandated by the EBA while continuing to give firms access to earlier versions, the company says, releasing the new taxonomies within a month of their publication by the EBA.
“In addition, our software is hosted by the client and allows them to validate, adjust, reconcile and submit to the regulator, giving them complete control and visibility on their reports.”
Nuriye Plotkin, managing director, Anadolubank Nederland, said in a statement: “As the EBA continues to release new versions of its XBRL taxonomy, AxiomSL’s quick time to market was compelling.”
This article was originally published by Inside Reference Data.