Bankdata Chooses Invoke for CRD IV Reporting in XBRL
Invoke, a software editor specialized in regulatory reporting solutions for the banking and insurance sectors, has been chosen by Denmark's largest banking data-centre, Bankdata, to meet the prudential reporting obligations of its 13 member banks under the CRD IV package.
Paris, France, July 03, 2013 --(PR.com)-- The Bankdata CRD IV reporting project covers both COREP and FINREP reporting in XBRL for the Danish regulatory authority, Finanstilsynet, across 13 member banks including Jyske Bank and Syd Bank. As technology partner, Invoke is accompanying Bankdata with the project implementation, bringing technical and domain expertise in the following areas: definition of the functional architecture for the reporting solution, specifying the data requirement with regard to source information systems, in addition to quality-control checks designed to guarantee robust data lineage and stringent procedural requirements. The overall project implementation is co-managed by Invoke and Affecto Denmark.
Bankdata selected the Invoke strategic solution based on its capacity to automate the reporting and regulatory disclosure management process, as well as providing the additional value-add of personalized internal reporting for its member banks. Composed of the regulatory reporting platform, FAS Regulatory and its complementary web-portal module that serves to steer the disclosure process, this end-to-end solution allows Bankdata to industrialize the compliance effort needed to for its member banks to meet the many demands of COREP and FINREP reporting under CRD IV.
"The Danish and European banking landscapes have undergone many profound changes in recent years. Working closely with our member banks, we know through first-hand experience just how important it is to have access to an intrinsically flexible system, both in terms of data integration and for internal reporting purposes," says Olaf Spliid, Chief Financial Officer and Head of IT Security at Bankdata
Invoke regulatory reporting applications are some of a very small number of solutions available on the market that integrate native management of the XBRL standard, the reporting language which has been selected by the EBA (European Banking Authority) as the standardized format for CRD IV reporting. However, Invoke offers much more than just cutting-edge technology: the domain expertise of the in-house team is a very substantial asset weighing in favor of the solution provider. This double-sided value proposition allows Invoke clients such as Bankdata to have access to a standard packaged solution that covers European, national and personalized internal reporting, with the added benefit of a comprehensive regulatory maintenance service provided by Invoke each time national or European-level regulators modify reporting requirements.
Invoke has broad-based industry recognition from international banking and insurance groups such as Crédit Agricole, Danske Bank, Danica Pension and CNP Assurances who commend Invoke for "always being on the ball," offering robust technology and exceptionally low turnaround times.
"The CRD IV taxonomies, like any new regulatory framework, are likely to be subject to a number of modifications in the early-stages of implementation. Knowing that Invoke has the in-house technical expertise to implement all XBRL-related changes, as well as the domain experts to take care of all regulatory maintenance, gives our clients immense peace of mind about the durability and long-term value they can expect from their investment", adds Antoine Bourdais, Director of the Banking & Insurance Division at Invoke.
About Invoke
Founded in 2001, lnvoke develops specialized software for managing financial, tax and regulatory information. Invoke regulatory reporting solutions are cutting-edge and deliver integrated XBRL (eXtensible Business Reporting Language) capabilities, making Invoke the partner of choice for international supervisory bodies (Banque de France/ACP, Deutsche Bundesbank, ...), as well as for major groups in the banking and insurance sectors falling under the scope of both local and European regulatory imperatives such as CRD IV and Solvency II (Crédit Agricole, BPCE, Danske Bank, Danica Pension ...). A founding member of the professional association, XBRL France, Invoke is also a direct member of the XBRL International consortium and active in a number of key technical working groups.
Invoke continues to grow organically but has recently accelerated its external growth and international expansion, with the acquisition of a fully-owned subsidiary, Luxembourg-based Conceptware. Invoke’s client base is today comprised of over 1,800 groups and national supervisory authorities, and the company continues to assertively pursue its development internationally.
For more information: www.invokesoftware.com
About Bankdata
Bankdata has approximately 650 highly qualified employees, mostly with a background in banking or IT technologies. Bankdata's head-office is in Fredericia in the middle of Denmark. Bankdata is the largest developer of IT solutions in southern Denmark. Bankdata provides complete financial IT solutions, reliable services and maximum security for member banks and their customers.
For more information: www.bankdata.dk
Bankdata selected the Invoke strategic solution based on its capacity to automate the reporting and regulatory disclosure management process, as well as providing the additional value-add of personalized internal reporting for its member banks. Composed of the regulatory reporting platform, FAS Regulatory and its complementary web-portal module that serves to steer the disclosure process, this end-to-end solution allows Bankdata to industrialize the compliance effort needed to for its member banks to meet the many demands of COREP and FINREP reporting under CRD IV.
"The Danish and European banking landscapes have undergone many profound changes in recent years. Working closely with our member banks, we know through first-hand experience just how important it is to have access to an intrinsically flexible system, both in terms of data integration and for internal reporting purposes," says Olaf Spliid, Chief Financial Officer and Head of IT Security at Bankdata
Invoke regulatory reporting applications are some of a very small number of solutions available on the market that integrate native management of the XBRL standard, the reporting language which has been selected by the EBA (European Banking Authority) as the standardized format for CRD IV reporting. However, Invoke offers much more than just cutting-edge technology: the domain expertise of the in-house team is a very substantial asset weighing in favor of the solution provider. This double-sided value proposition allows Invoke clients such as Bankdata to have access to a standard packaged solution that covers European, national and personalized internal reporting, with the added benefit of a comprehensive regulatory maintenance service provided by Invoke each time national or European-level regulators modify reporting requirements.
Invoke has broad-based industry recognition from international banking and insurance groups such as Crédit Agricole, Danske Bank, Danica Pension and CNP Assurances who commend Invoke for "always being on the ball," offering robust technology and exceptionally low turnaround times.
"The CRD IV taxonomies, like any new regulatory framework, are likely to be subject to a number of modifications in the early-stages of implementation. Knowing that Invoke has the in-house technical expertise to implement all XBRL-related changes, as well as the domain experts to take care of all regulatory maintenance, gives our clients immense peace of mind about the durability and long-term value they can expect from their investment", adds Antoine Bourdais, Director of the Banking & Insurance Division at Invoke.
About Invoke
Founded in 2001, lnvoke develops specialized software for managing financial, tax and regulatory information. Invoke regulatory reporting solutions are cutting-edge and deliver integrated XBRL (eXtensible Business Reporting Language) capabilities, making Invoke the partner of choice for international supervisory bodies (Banque de France/ACP, Deutsche Bundesbank, ...), as well as for major groups in the banking and insurance sectors falling under the scope of both local and European regulatory imperatives such as CRD IV and Solvency II (Crédit Agricole, BPCE, Danske Bank, Danica Pension ...). A founding member of the professional association, XBRL France, Invoke is also a direct member of the XBRL International consortium and active in a number of key technical working groups.
Invoke continues to grow organically but has recently accelerated its external growth and international expansion, with the acquisition of a fully-owned subsidiary, Luxembourg-based Conceptware. Invoke’s client base is today comprised of over 1,800 groups and national supervisory authorities, and the company continues to assertively pursue its development internationally.
For more information: www.invokesoftware.com
About Bankdata
Bankdata has approximately 650 highly qualified employees, mostly with a background in banking or IT technologies. Bankdata's head-office is in Fredericia in the middle of Denmark. Bankdata is the largest developer of IT solutions in southern Denmark. Bankdata provides complete financial IT solutions, reliable services and maximum security for member banks and their customers.
For more information: www.bankdata.dk
Contact
Invoke
Yasmine Tebaa
+33 1 42 68 85 60
http://www.invokesoftware.com
Yasmine Tebaa
+33 1 42 68 85 60
http://www.invokesoftware.com
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