FINREP, COREP and Solvency 2 in XBRL
All companies are different and have different conditions for solving the reporting requirement to the FSA. EasyX has the underlying philosophy to provide user friendly and customized solutions optimized for precisely your company. We offer:
- Service Solutions where you logon our WEB portal, upload your files and get a validated XBRL file back.
- Integrated Solutions which will be installed and integrated with your existing systems.
1. Service Solution
The simplest solution is the service solution. Just fill out the FINREP, COREP or Solvency 2 reporting forms in Excel (or as a comma separated file) and upload them on the WEB portal. The system will validate them, convert them to XBRL standard and return a XBRL file and a control report. In case there are errors you will know exactly which validations went wrong and why. The report is shown both as a graphical table report and an error report and the combination of these two makes it easy and fast to correct the errors and upload again.
2. Integrated Solution
In case you want an integrated and automated process, we offer different solutions which fits to your company with your systems and processes. One of them is the integrated WEB solution. Another is Process solution with a locally installed application integrated directly with your other systems.
Integrated Web Solution
It is possible to integrate the Web service as a system-to-system solution through our API. This is of course done in a closed and secure environment. The benefit of this solution is that you don’t have to install extra software to produce the XBRL files and at the same time you get the benefit of an automated system to system conversion.
3. Process Solution (If you want to be in total control of the whole process)
If your data come from different sources or you want full control over the deliveries that are used for the XBRL reporting you will get an advantage by using the xFinance system.
xFinance is an application and is developed for managing the process of extracting data from your source system(s), data base files or Excel templates and converting them to XBRL. xFinance is installed locally and you get a number of possibilities to tailor the setup to your systems and processes. You can:
- Tailor integration to different sources systems
- Validate part deliveries and deliveries and get a full overview of the quality of the different deliveries
- Comprehensive log function (all transactions and actions are logged in the system) as well as access to all past deliveries (in case old deliveries should be re-loaded)
- Set up a role-based approval process (integration against Active Directory). This is relevant for organizations where multiple departments delivers different parts of the data for the XBRL file). This can also be linked to the mail system, so that the approvers get a mail when the data needs approval (workflow)
- Reload earlier deliveries (all deliveries and taxonomies are kept in the system and can be re-used in case of corrections to earlier deliveries).
- Create validation reports and XBRL files. The validation reports can be created as graphical table reports as well as error reports. This makes it very easy to find and correct errors.
- Create deviation reports between deliveries (ex. show the biggest differences between this delivery and last delivery).
- Support for system-to-system filing at the FSA (if allowed by the local FSA)
The xFinance system handles all requirements in the EBA or EIOPA framework as well as a number of local FSA requirements in selected countries.
The people behind EasyX have worked with Financial Reporting for more than 20 years and have extensive experience with data warehousing and XBRL conversion. We offer consultancy for finding the best solution for your company. We can help with design, architecture, project management as well as implementation.
Please contact us and learn how we can assist you with solving the reporting requirements in XBRL.