Having successfully supported its corporate banking clients with the submission of the new SURFI-regulation declarations, effective as from June 30, 2010, Invoke, the leading software vendor for XBRL financial reporting solutions, announces the release of a brand-new web portal specifically designed for the online filing of regulatory bank declarations and generating them in XBRL format.
Invoke e-Filing for Banks targets banking institutions that are looking to benefit from an instantly available solution which allows them to comply easily and efficiently with their regulatory obligations, without having to worry about the technical format of the declarations or having to keep track of regulatory changes.
« Exchanges with the banking institutions have revealed the need for a simple solution suited to structures that have neither the manpower nor the IT resources for implementing an integrated solution that would require a dedicated project team. It is in order to meet these needs that we have designed this turnkey web portal », explains Antoine Bourdais, VP, Business Development of Invoke.
An out-of-the-box web solution
A 100% dedicated web portal, Invoke e-Filing for Banks enables the online filing of declarations directly in the regulatory tables proposed by the regulator. The portal’s integrated web spreadsheet application, an environment that is familiar to users, makes for a user-friendly filing experience.
No technical knowledge is required. As soon as their account is activated users can be up and running straightaway, without the need for any training. No installation on user workstations is required. A simple web browser is all you need to produce in secure mode all regulatory reports.
A simple approach
- Customization via the regulatory planning
Thanks to the integrated regulatory planning, users will only see in their working environment the regulatory reports that concern them, for the banking institution(s) for which they are responsible.
- Completing regulatory reports
The regulatory reports are filed directly using the templates proposed by the regulator via the online spreadsheet.
- Immediate validation of declarations
The integrated validation engine carries out online and in real-time all the checks required by the regulator (validation of the XBRL formulae) and offers the user an instantaneous anomaly report.
- Online electronic signature
- Downloading of the validated and compliant XBRL file for submission to the regulator
A shared space for regulatory information
The detailed management of user rights in the portal makes it possible not only to filter the authorizations per banking institution and per regulatory report, but also to define the permitted actions for each of these items (read-access, write-access, signature, downloading, Excel® export).
More than just a data filing portal, Invoke e-Filing for Banks is a powerful collaborative tool for the controlled sharing of information. It permanently centralizes the latest versions of the regulatory reports produced. This information can then be shared internally with third parties, such as executive management for example, enabling them to view online the updated version of all the reports.
Permanent access to all reports
Invoke e-Filing for Banks preserves and archives the complete history of all regulatory submissions (successive versions of reports, signatures, submissions, etc.). Everything is tracked, dated and accessible: at any time, users can re-display the report of their choice in the regulatory table that was applicable when the submission was made.
All the reports generated online can also be exported in Excel® format. The formatting of the tables is preserved.
Guaranteed regulatory maintenance
Each time a change is made to the regulations, the updates are guaranteed by the vendor’s monitoring teams. These updates remain transparent for the users, who will always automatically find themselves, without having to do anything, in an updated working environment with no possible loss of data.
« In the framework of the startup of the SURFI project, we particularly appreciated the prompt responsiveness of Invoke which, despite the extremely tight deadlines, was able to provide us with the updated version of the software in record time each time there was a modification to the regulations, » testifies Sylvia Ginguéné, regulatory reporting manager, in charge of relations with the inspection authorities at Crédit Agricole SA.
Invoke: tried-and-tested XBRL regulatory solutions
Invoke’s know-how with regard to XBRL reporting software is recognized by both the European regulators and by the major banking groups.
The Banque de France uses Invoke tools for processing declarations in XBRL format from French banking institutions (SURFI, COREP, FINREP declarations). Invoke also equips major groups such as BPCE and Crédit Agricole.
« In this age of Cloud Computing, it seemed natural to us to offer banks a solution that was genuinely full-web, requiring no technical skills, and which allowed them to satisfy their regulatory obligations without having to worry about the technical aspects or the changes made to the regulations. With this portal, we are able to offer banks an end-to-end service that avoids any in-house work overload, » concludes Antoine Bourdais, VP, Business Development of Invoke.