Invoke e-Filing for Regulators Portal Solution Chosen by the EBA for the Collection and Technical Parsing of European Supervisory Reporting in XBRL
Paris, France, December 18, 2013 --(PR.com
)-- The e-Filing for Regulators portal from Invoke is a robust and rapid-deployment solution that is perfectly aligned with the extensive regulatory changes and challenging implementation timelines facing both Europe's supervisory authorities and the wider banking sector. Offering an intuitive interface and high-performance capabilities, the Invoke solution offers supervisory authorities, such as the EBA, access to cutting-edge standard XBRL technology that can be implemented out-of-the-box and seamlessly interfaced with legacy infrastructure and downstream systems.
Faced with multi-faceted technical and implementation challenges, the e-Filing for Regulators solution allows supervisory authorities to eschew the bespoke development route, by adopting cutting-edge standard XBRL software in the form of a turn-key portal application.
The rapid-deployment approach of the Invoke solution allows supervisors to cover complex functional and technical requirements while meeting extremely tight timelines. e-Filing for Regulators offers both internal users and external stakeholders access to the latest technology for creating, converting, editing, rendering and validating XBRL instance documents, in addition to a host of other features ranging from collaborative workflow, process steering, regulatory scheduling, user-right management, versioning and archiving. And all through the user-friendly interface of a web-based application.
The e-Filing for Regulators is an agile solution that aligns the best of standard XBRL technology with pragmatic business functionality. Generic-by-design, the portal offers a low-maintenance burden and is scalable to incorporate multiple XBRL taxonomies and high-performance processing of large data volumes without requiring any custom development. This is a consideration of particular importance in the run-up to the implementation of COREP and FINREP under CRD IV.
"To implement an independent platform in combination with a tight timeline, it was crucial that the EBA find a provider capable of satisfying our technical and functional constraints. Selecting an off-the-shelf product from an experienced vendor who could deliver the necessary XBRL expertise was the right decision. All this has allowed us to reach the important milestones of the project and to integrate the product in our overall IT landscape. The first days of production have shown that the strategic selection of e-Filing for Regulators from Invoke is stable and has allowed us to make a smooth transition to a more extensive use of XBRL in the European supervisory arena," says Andreas Weller, Head of IT at the European Banking Authority.
Founded in 2001, lnvoke develops specialized software for managing regulatory, financial and tax information. Associating cutting-edge technology with user-friendly business functionality, Invoke offers industry-acclaimed regulatory reporting solutions that are robust, flexible and user-oriented.
Well-established in the international XBRL reporting sphere, Invoke drives its technological lead through continuous innovation and unrivalled domain expertise. The resulting software is unique and showcases the latest XBRL production, visualization, editing and validation technologies for application to financial and regulatory data.
Invoke XBRL reporting solutions are perfectly aligned with the emerging European regulatory use-cases of COREP and FINREP under CRD IV and Solvency II, making Invoke the partner of choice for major supervisory bodies (such as the European Banking Authority, Banque de France - ACPR and Deutsche Bundesbank), as well as for multinational groups in the banking and insurance sectors (such as Crédit Agricole, Danske Bank, CNP Assurances, Groupama, Danica Pension and many others) who fall under the scope of both local and European regulatory imperatives.