The Union Bank of India (UK) has selected the AxiomSL XBRL solution to support its regulatory reporting requirements in the UK.
The bank, based in London and a wholly-owned subsidiary of the Bank of India, will use the solution for submitting reports to the UK Financial Conduct Authority, in accordance with the Capital Requirements Directive (CRD) IV.
Specifically, it supports compliance with the Liquidity Coverage Ratio and Additional Liquidity Monitoring Metrics components of the regulation.
The solution converts regulatory reports from a spreadsheet format into the Extensible Business Reporting Language (XBRL) format required for reporting to the European Banking Authority (EBA).
Users can make adjustments to their reports if any issues are detected, and multiple users can work on one single project at any given time.
According to AxiomSL, the mandate was based on the solution’s robust data validation functionality and its ability to support cross-report validations.
“AxiomSL’s XBRL solution meets our needs exactly,” said Brajeshwar Sharma, CEO at Union Bank of India (UK).
“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.”
Ed Royan, AxiomSL’s COO for Europe, the Middle East and Africa, said: “XBRL has been a strategic focus for AxiomSL for several years now. We are proud to be the leaders in this space and to be supporting an increasing number of banks, including Union Bank of India (UK).”
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