Union Bank of India (UK) has selected AxiomSL’s XBRL solution for submitting regulatory reports to the Financial Conduct Authority (FCA).
Implementation of XBRL is part of the lender’s compliance with the Capital Requirements Directive IV (CRD IV). The platform will be utilised for the Liquidity Coverage Ratio (LCR) and ALMM (Additional Liquidity Monitoring Metrics) components of CRD IV, AxiomSL said.
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The solution will allow the bank to convert its regulatory reports from Excel and other formats into the XBRL taxonomies specified by the European Banking Authority (EBA).
The technology vendor said that the bank was "impressed by the robust data validation functionality offered by AxiomSL, which includes support for cross-report validations," adding that data governance was also a significant consideration.
The solution also allows multiple users work on a single project and sign off on their work, with all changes recorded and complete data lineage information made available.
Union Bank of India (UK) CEO Brajeshwar Sharma said: "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."
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