02 Jun Union Bank of India (UK) Ltd chooses AxiomSL’s XBRL solution for regulatory reporting in the United Kingdom
London, 2 Jun 2016 – AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that Union Bank of India (UK) Ltd. has decided to use AxiomSL’s XBRL solution to submit a wide range of regulatory reports to Financial Conduct Authority (FCA), as part of its compliance with the Capital Requirements Directive IV (CRD IV).
Union Bank of India (UK) Ltd., a United Kingdom headquartered bank, will leverage AxiomSL’s solution to convert its regulatory reports from Excel and other formats into the XBRL taxonomies specified by the EBA. The solution will be used for the Liquidity Coverage Ratio (LCR) and ALMM (Additional Liquidity Monitoring Metrics) components of CRD IV.
Union Bank of India (UK) Ltd. was impressed by the robust data validation functionality offered by AxiomSL, which includes support for cross-report validations. The solution gives users the ability to make top-side adjustments to their reports if data issues are detected. Data governance was also an important consideration for the bank. The control functionality developed by AxiomSL allows multiple users to work on a single project and sign off on their work. All changes are recorded and complete data lineage information is made available.
AxiomSL provides the latest iterations of the XBRL taxonomies mandated by the EBA while continuing to give firms access to earlier versions. AxiomSL releases the new taxonomies within a month of their publication by the EBA. This unrivalled delivery time is possible because AxiomSL separates regulatory update releases from software releases.
Adoption of XBRL by regulatory authorities has increased significantly in recent years. When the EBA announced its intention to mandate the use of XBRL as part of CRD IV, AxiomSL took a strategic decision to fully embed XBRL functionality within the core platform on which its regulatory solutions are built. AxiomSL now offers a variety of XBRL options for financial firms of all types and size. This ranges from its XBRL conversion solution to more comprehensive offerings, which cover the entire regulatory calculation and reporting process.
“AxiomSL’s XBRL solution meets our needs exactly,” said Brajeshwar Sharma, CEO at Union Bank of India (UK). “The control and data validation functionality offered by AxiomSL gives us complete confidence in the accuracy of the data we will submit to the regulator. As the EBA continues to release new versions of its XBRL taxonomy, AxiomSL’s quick time to market was also compelling. We are looking forward to working with the leading XBRL specialists on our regulatory reporting.”
“XBRL has been a strategic focus for AxiomSL for several years now. We are proud to be the leaders in this space and to be supporting an increasing number of banks, including Union Bank of India (UK),” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “XBRL is quickly becoming the standard for regulatory submissions since the implementation of COREP. We look forward to working with more firms on XBRL projects.”