Union Bank of India UK automates reg reporting with AxiomSL
UK-based regulatory reporting and risk management software vendor, AxiomSL, has signed the local operations of Union Bank of India for its flagship product, XBRL.
XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK). AxiomSL says the project comes as part of the bank’s compliance with the Capital Requirements Directive IV (CRD IV).
The new system will convert the bank’s regulatory reports from Excel and other formats into the XBRL taxonomies specified by the European Banking Authority (EBA). It will be used for the liquidity coverage ratio (LCR) and additional liquidity monitoring metrics (ALMM) components of CRD IV.
The vendor says that Union Bank of India (UK) “was impressed by the robust data validation functionality offered by AxiomSL, which includes support for cross-report validations”.
Data governance was also an important consideration for the bank, AxiomSL adds. The XBRL solution allows multiple users to work on a single project and sign off on their work, with all changes recorded and complete data lineage information available.
“AxiomSL’s XBRL solution meets our needs exactly,” says Brajeshwar Sharma, CEO at the UK subsidiary of Union Bank of India. He compliments the vendor’s quick time to market, which is “compelling” in the light of continuous new releases of EBA’s XBRL taxonomy.
The new regulatory reporting solution will interface to the bank’s core processing system, Infosys’ Finacle.
Union Bank of India has been present in the UK for a number of years, but has got a full banking licence from FCA only recently. The bank offers a range of lending products and can now also accept deposits.