Finacle, Infosys Technologies banking solution and IRIS Business Services, an extensible business reporting language( XBRL) tools and solutions provider, has partnered to provide banks with the IRIS XBRL suite, enabling financial reporting process automation in compliance with XBRL standards.
The IRIS XBRL suite will support the regulator’s drive towards financial transparency and standardisation of reporting for ease of peer comparison, while also lowering costs of report and data consolidation. Templates can be modified and altered in accordance with regulatory mandates to bring in adaptability and flexibility of financial reporting for banks.
XBRL standards significantly decrease time-to-file for regulatory financial reporting in addition to facilitating automatic checks of data accuracy. A bank using the IRIS XBRL suite saves more than 60% of the present manual effort, involved in preparing and filing regulatory financial reports every quarter. Enhanced reporting efficiencies and greater data accuracy in addition to lower cost of ownership, are benefits accrued from leveraging the IRIS XBRL suite.
Haragopal Mangipudi, global head, Finacle, Infosys Technologies, said: “XBRL is a game-changing global standard that will significantly change the way financial information is reported, both internally and externally. CFOs [chief financial officers] and CIOs [chief information officers] have been quick to understand the impact and benefits of XBRL, and plan for its adoption. Finacle is pleased to announce this strategic partnership with IRIS to provide the IRIS XBRL tool to our global clients.”
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