Financial Compliance

Bank of Ireland selects CoreFiling’s XBRL Disclosure Management Platform™ and SynApps to fulfil CRD IV reporting obligations

XDMP prepares the banking sector for COREP, FINREP and Liquidity reporting in XBRL

Oxford, 28th March, 2014. CoreFiling, the leading developer of XBRL (eXtensible Business Reporting Language) software products used by regulators, government agencies and corporates world-wide, have announced that the Bank of Ireland has selected its XDMP [XBRL Disclosure Management Platform] solution to manage its prudential and financial reporting requirements.

The Bank of Ireland (BOI), a diversified financial services group established in 1783 by Royal Charter, provides traditional retail and commercial banking. Operating in Ireland, Northern Ireland and some overseas countries, BOI offers extensive financial services including personal and corporate banking plus insurance services.

BOI chose XDMP to convert existing data output into fully compliant XBRL, ready for submission of its COREP, FINREP and Liquidity disclosures to its regulators, the Central Bank of Ireland and the UK Prudential Reporting Authority, as required under the new Capital Requirements Directive (CRD IV).

A Bank of Ireland spokesperson said: “With an existing reporting framework in place, our key requirement was to convert the data to fully conformant XBRL. XDMP provides the simple workflow and stringent document validation we need, and will automatically reflect future changes to the EBA taxonomy.”

Each component of the XDMP solution is available as standalone software; tight integration with EMC’s Documentum xCP creates a powerful XBRL document management solution to meet the rigorous demands of financial institutions reporting XBRL disclosures to National Competent Authorities.

Jon Siddle, XDMP Product Manager and Lead Editor of the Table Linkbase Specification, commented: “True North®, fundamental to the XDMP solution, includes a fully conformant, up to date implementation of the Table Linkbase specification, integral to the EBA’s CRD IV taxonomy and the rendering of XBRL documents.”








SynApps Moves Into Exciting New Area: Financial Compliance!

As we move into what looks like an economy shaking off the last of the doldrums, many financial services firms will probably feel they have more than enough on their hands.

I am sure they will have, however they also need to manage an important piece of core business, even as they plan to seize new market opportunities. The problem can be summed up by two key acronyms: XDMP (for ‘Disclosure Management Platform’) and XBRL.

It’s a key area of compliance reporting that SynApps has started to work in, partnering with a great dedicated firm in this particular area, CoreFiling, as well as our prime tech partner, EMC, and a major global consulting brand. (In fact, CoreFiling, which is based in Oxford, is viewed as the leader in this market.)

The basic background is that globally, regulatory reporting is going electronic. Authorities, post the Credit Crunch/global financial crisis, are looking at banks’ financial reporting and making decisions on whether banks have enough equity, in order to prevent the issues we suffered from over the last few years.

They are also standardising the way they want international banks to share this information with them, with most work being done around XBRL, which is to say the eXtensible Business Reporting Language, a freely available and global standard for exchanging business information.

Banks need to generate a standard financial report to meet these regulatory demands; these reports are being produced such that the auditing and compliance organisations can get a clear report of whether the bank has over-stretched themselves or not. This standard format is called XDMP, which is where CoreFiling come in, as it produces the best tools available to input data from Excel spreadsheets, transform it for the XDMP format and then output it into files that can be sent to the regulator containing all the compliant information they need.

Provision of reports in the XBRL format is becoming mandatory from April this year (2014), when all banks will need to be able to produce this information. The truth is, they can do it today – by getting 20 to 30 people to run about, find the information, convert it manually into the XBRL format to send to the regulator.

But it is a very laborious, error-prone, manual way of doing it. We are used, as a document and content management company, to helping organisations replace cumbersome back-end, paper-chase style processes. So we have developed the XDMP solution to help financial firms crack their XBRL problem and get the process automated, with the system sitting on our core Documentum technology. What’s even better, we have a customer. It’s a well-known High St brand, but at the moment we can’t reveal the name. As soon as we can, we’ll be telling you more about this fascinating engagement!

This is a new area for SynApps but one with fantastic potential – and so I am sure it’s a topic we will be talking to you about over the next few months as we move to help other firms get to grips with their core compliance reporting issues.



SynApps and CoreFiling Build Powerful Regulatory Disclosure Management Platform to Help Financial Firms Meet Crucial April Compliance Deadline

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.

About XBRL

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.


About SynApps

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.

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