SynApps partners with CoreFiling to produce a specially tailored, flexible solution to assist financial services firms in meeting critical European compliance
Maidenhead, UK – March 5, 2014 – SynApps Solutions, the content management solutions leader, is now offering software to help financial services firms meet their reporting obligations under the new Capital Requirements Directive (CRD IV) and Solvency II regulation, including the technical requirement to submit disclosures in the XBRL (eXtensible Business Reporting Language) format
XBRL is a widely used reporting standard which brings consistency and accuracy to the reporting process. Under the Implementing Technical Standards specified by the EBA (European Banking Authority), XBRL is now the mandated reporting format for the submission of COREP, FINREP and Liquidity reports. April 2014 marks the start of Liquidity reporting in XBRL, closely followed by the first COREP reports during May, with FINREP scheduled for mid-November 2014. The first mandated full Solvency II reports in XBRL are expected to be submitted in early 2016, although in January 2014 EIOPA introduced an interim reporting period, during which National Competent Authorities (NCAs) must either comply with the regulation or give reasons why they cannot.
To help compliance teams meet the challenge of both the new XBRL reporting format and the looming April deadline for the first Liquidity filings, SynApps has partnered with CoreFiling, the leading developer of XBRL software. CoreFiling specialise in XBRL, and the company’s senior management and developers are active members of the XBRL consortium which oversees the development of the XBRL specifications.
Together, the companies have produced a specially tailored, flexible solution to help investment firms and credit institutions meet their CRD IV and Solvency II obligations. SynApps integrates the CoreFiling standards-based XBRL software components using its specially developed ConXReporting business process and data collation solution
The other key partners behind the solution are EMC, with ConXReporting sitting on the Documentum platform, plus a major global consulting brand.
The new functionality covers all aspects of the financial reporting workflow, including data aggregation, XBRL production and validation, document review, full document management, audit and security. The solution incorporates proven, standards-based XBRL components, combined with the resources and expertise to help banks and insurance companies prepare for the introduction of the CRD IV and Solvency II reporting regimes.
Beyond the immediate compliance requirement, the SynApps and CoreFiling solution will help financial institutions deal with any future XBRL reporting needs in a consistent manner, say the partners. The rapid deployment model offers accelerated compliance and complete conformance even when the taxonomies change. The solution can take input from a variety of data sources including Excel and CSV, resulting in a more flexible, efficient and scalable solution. “We look forward to working with Content Management experts SynApps to help NCAs, investment firms and credit institutions take advantage of a solution that will meet both current and future XBRL reporting scenarios, as well as providing their content management needs,” said Philip Allen, Executive Chairman, CoreFiling. “Banks and insurers need to generate a standard financial report to meet these regulatory demands,” noted SynApps MD Jim Whitelaw.
“We help organisations replace cumbersome back-end, paper-chase style processes – and we are extremely pleased to be partnering with acknowledged XBRL experts CoreFiling to capitalise on our experience and help financial firms address their XBRL issues,” he added.
A new Capital Requirements legislative package was adopted by the European Parliament on 16 April 2013, and ratified at the end of June. Under the Capital Requirements Directive (CRD IV) the European Banking Authority (EBA) has stipulated that as from 1st January 2014 it will collect COREP data from the individual National Competent Authorities (NCAs) in XBRL (eXtensible Business Reporting Language) format. Collection of FINREP data will begin in November 2014, using the same XBRL format.
In November 2013 the relevant EU institutions reached provisional agreement on Omnibus II (incorporating changes to the 2009 Solvency II Framework Directive), EIOPA, the European insurance industry regulator, has also stated that insurance companies will have to submit their first full Solvency II reports in XBRL starting from 2016, although an interim reporting stage was introduced in January 2014, with the first XBRL interim submissions expected during 2015.
Organisations affected by these new statutory requirements need to start preparing now in order to be ready for the new mandates and the introduction of XBRL reporting.
SynApps is an independent services and solutions company specialising in Enterprise Content Management (ECM) technologies. Founded in 2003 by former Documentum services professionals, the company provides consultancy, implementation and support services for EMC Documentum, and has authored a suite of content integration solutions, ConXApps, that allow businesses to quickly maximise their investment in ECM technologies.
Organisations across healthcare, government and commercial markets rely on SynApps solutions and services to capture and share knowledge more dynamically and efficiently.
Find out more at synapps-solutions.com, or follow the firm on Twitter @Synappssol