AxiomSL pushes XBRL in Emea and Apac

AxiomSL pushes XBRL in Emea and Apac

Axiom Software Laboratories’ eXtensible Business Reporting Language (XBRL) solution has been implemented at leading banks in Europe and Asia. Institutions in Emea and Apac are initially utilising AxiomSL to meet the COREP, FINREP, LCR and NSFR reporting as part of the Capital Requirements Directive IV but are looking to leverage the platform for IFRS, Solvency II or any other XBRL reporting need.

“Regulators will have far more power and control over data in the coming years as XBRL enhances dramatically the capabilities of regulators to analyse, compare and validate financial data,” said Ed Royan, COO, AxiomSL Emea. “Institutions across the EU and EEA are seeking a single platform for XBRL and non-XBRL reporting rather than disparate systems across each region."

"AxiomSL’s integrated reporting solution easily adapts to XBRL taxonomy requirements across multiple countries. Its robust and flexible platform supports customisation, extension and the ability to tag at the data source and reuse the validated financial results for other reports.”

Alex Tsigutkin, CEO of AxiomSL, added: “AxiomSL’s unique enterprise-wide reporting platform combined with its innovative XBRL technology not only enables financial institutions to streamline financial reporting processes by improving data integrity, transparency, traceability for audit and verification purposes but provides the foundation to support any other taxonomy requirements worldwide.”

“AxiomSL’s commitment to lead through both best practices and the ease of implementing regulatory reporting solutions across multiple jurisdictions via one integrated platform remain our top priorities.”