The US Federal Reserve Board says a Web-based central data respository (CDR) for financial bank data will be established in October, a year later than originally planned.
The CDR was originally scheduled for implementation in October 2004, but the Federal Reservee Board says roll out of the system was postponed to address industry feedback and allow more time for system testing and enrollment. The new implementation plan resulted from discussions with software vendors, trade associations and banks.
The Internet-based system will modernise and streamline how banking agencies collect, validate, manage and distribute financial data submitted by banks in quarterly "call reports."
The CDR will use open data exchange standards, such as eXtensible Business Reporting Language (XBRL), to provide faster delivery of accurate call report data.
While banks will not be required to submit call report data to the CDR until October 2005, the agencies plan to make the repository available for testing by banks and software vendors in the summer.