AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that Anadolubank Nederland N.V., a Dutch bank which is a subsidiary of Anadolubank Turkey, has decided to use AxiomSL’s XBRL solution to submit a wide range of regulatory reports to De Nederlandsche Bank (DNB).
The project follows the DNB’s decision to align with other European central banks by mandating the use of XBRL for European Banking Authority (EBA) regulatory submissions.
Anadolubank Nederland N.V. will leverage AxiomSL’s solution to convert its regulatory reports from Excel and other formats into the XBRL taxonomies specified by the EBA. The solution will be used for the Common Reporting (COREP), Financial Reporting (FINREP), Asset Encumbrance, Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR) and Leverage Ratio components of the Capital Requirements Directive IV (CRD IV).
Anadolubank Nederland N.V. was impressed by the robust data validation functionality offered by AxiomSL, which includes support for cross-report validations. The solution gives users the ability to make top-side adjustments to their reports if data issues are detected. Data governance was also an important consideration for the bank. The control functionality developed by AxiomSL allows multiple users to work on a single project and sign off on their work. All changes are recorded and complete data lineage information is made available.
AxiomSL provides the latest iterations of the XBRL taxonomies mandated by the EBA while continuing to give firms access to earlier versions. AxiomSL releases the new taxonomies within a month of their publication by the EBA. This unrivalled delivery time is possible because AxiomSL separates regulatory update releases from software releases.
Adoption of XBRL by regulatory authorities has increased significantly in recent years. When the EBA announced its intention to mandate the use of XBRL as part of CRD IV, AxiomSL took a strategic decision to fully embed XBRL functionality within the core platform on which its regulatory solutions are built. AxiomSL now offers a variety of XBRL options for financial firms of all types and size. This ranges from its XBRL conversion solution to more comprehensive offerings, which cover the entire regulatory calculation and reporting process.
“AxiomSL’s XBRL solution meets our needs exactly,” said Nuriye Plotkin, Managing Director, Anadolubank Nederland N.V. “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.”
“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 Anadolubank Nederland N.V.,” said Ed Royan, Chief Operating Officer, EMEA, AxiomSL. “XBRL is quickly becoming the standard for regulatory submissions following the implementation of COREP. In the Netherlands, we have seen an increase in interest in this area since the DNB announced it would require submissions in XBRL. We look forward to working with more firms on XBRL projects as regulators in other countries follow suit.”