Union Bank of India chooses AxiomSL's XBRL solution

AxiomSL, a provider of regulatory reporting and risk management solutions, has announced that UK-based Union Bank of India will use its XBRL solution to submit a wide range of regulatory reports to the Financial Conduct Authority, as part of its compliance with the Capital Requirements Directive IV (CRD IV). 

Union Bank of India will use AxiomSL's solution to convert its regulatory reports from Excel and other formats into the XBRL taxonomies specified by the European Banking Authority (EBA). The solution will be used for the Liquidity Coverage Ratio and Additional Liquidity Monitoring Metrics components of CRD IV.

AxiomSL's selection by Union Bank of India follows recent news that Anadolubank selected the XBRL solution for reporting in the Netherlands. Ed Royan, chief operating officer for Europe, the Middle East and Africa at AxiomSL, says this may indicate a trend, in light of the fact that regulators are increasingly adopting the XBRL taxonomies.

"I definitely see a pattern developing of firms wanting more urgent help to deal with the changes. These client wins seem to start pointing to the fact that a lot of firms are struggling with the XBRL challenge and what they have to report to the regulators.

"In this example, the banks were having issues with their existing vendors, they have come to us and we have managed to step in and help them get across the timeline in a very short time. We did all this in a week," says Royan.

"AxiomSL's XBRL solution meets our needs exactly," Brajeshwar Sharma, CEO at Union Bank of India (UK), said in a statement. "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."