Solutions: XBRL Reporting

About XBRL

XBRL is an acronym to denote “eXtensible Business Reporting Language”. XBRL is an open royalty free XML based language used for reporting business data like annual reports. XBRL international is a global, not-for-profit consortium of companies and agencies responsible for the development, maintenance and support of XBRL, an XML-based language for the electronic communication of business. XBRL gained attention in the US when the SEC mandated that public companies report their financial results in XBRL (starting with companies that have a market cap over $5 billion).

XBRL in Indian banks

IT Vision Document of RBI 2011‐2017, recommends commercial banks to build on their core banking solutions for Banks, MIS, regulatory reporting, risk management and enhanced customer values. RBI recommends an automated data flow from core banking system for accurate and timely regulatory reporting. XBRL Taxonomies are being published by RBI for banks to adopt and report.

Softsell solution


























Softsell offers to banks and their product vendors, a seamless end to end solution with these features:

  • Extracting data from the core banking system,
  • Validating them for published taxonomy compliance,
  • Generating required XBRL reports,
  • Rendering of reports from the XBRL files for banks
  • Secured delivery of these reports to the RBI designated site.

The above diagram depicts one typical workflow where reports are scheduled, data base is synchronized and reporting is started. Each report can then be set a typical work flow as above. Once the XBRL is generated, banks can have a distinct approval process that ensures that the XBRL reporting is same as it exists in the current system.

Finally these are automatically transferred using the secured File transfer Protocol to RBI to ensure the success of this end to end operation.

Our benefits:

  • Each bank has in-built operations to manage and report and our solution can be tailored to reflect the same.
  • Helps banks to automate this process leading to reduction in implementation time and cost savings on each run.
  • Archiving of XBRL reports as per RBI guidelines
  • In-built audit & approval process to match bank workflow.
  • End-to-end support for XBRL reporting.

 


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