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.”