The EBA chooses Invoke e-Filing for Regulators portal solution for the collection and technical parsing of European supervisory reporting in XBRL
Invoke is pleased to announce that the e-Filing for Regulators portal solution has been chosen by the European Banking Authority (EBA) for the collection and technical parsing of supervisory reporting prepared by European credit institutions and collected from National Competent Authorities (NCAs).
Overcoming technical challenges, meeting hard deadlines
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.
The advantages of generic software over bespoke development
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.