The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

FRSGlobal Announces Partnership with Semansys to Deliver Standardised XBRL Reporting

FRSGlobal today announced its partnership with Semansys Technologies. Semansys is a vendor of software solutions for financial reporting and business monitoring based on semantics and eXtensible Business Reporting Language (XBRL). The partnership was announced at the 20th XBRL International conference in Rome.

Increasingly, regulators are demanding that reports should be submitted in XBRL, such as the Central Bank and Financial Services Authority of Ireland (CBFSAI) for statistical reporting, the Estados Públicos (public reports) overseen by the Banco de España, and the upcoming SURFI regulations driven by the Commission Bancaire in France. Thus far, FRSGlobal has developed specific solutions for each regulator’s requirements. With this partnership, XBRL will be included as standard within FRSGlobal’s regulatory reporting tool, RegPro.

Walter Wartenweiler, vice president of technology for FRSGlobal, commented; “As an innovative language for the electronic communication of business and financial data, XBRL is revolutionising reporting around the world. This partnership with leading XBRL software vendor Semansys Technologies will enable us to move from a regulator-specific methodology to delivering a more proactive, homogeneous approach for our clients.”

XBRL provides major benefits in the preparation, analysis and communication of business information and offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

Wartenweiler continued: “In regulatory terms, XBRL is considered to be tailor-made to help supervisory bodies root out hidden threats to balance sheets with increased speed and accuracy, so it is clear why there has been an increased demand for this standard by the regulators, which we only see as expanding further. We look forward to combining the XBRL knowledge of Semansys with our wide geographical and reporting content and proven market-leading expertise in regulatory reporting and risk profitability analysis.”

The first stage of the partnership involves both parties worked together with existing FRSGlobal customers in France to bring their reporting application in alignment with the SURFI regulation from both regulatory rules and XBRL delivery capabilities.

Paul Snijders, CEO of Semansys, said: “In the wide range of XBRL projects Semansys has been involved in, the SURFI project with FRSGlobal is one of the most interesting. Not just because reporting to central banks in the current environment is highly complex, but also because XBRL proves its added value. It delivers sophisticated reporting capabilities with ease-of-use and without disrupting current systems and processes. FRSGlobal’s unified solution will deliver low-cost compliance to firms adhering to the French rules and any other region’s regulatory environment. In a later stage we will see banks also as consumers of credit and loan XBRL reports from small companies.”

Related content

WEBINAR

Recorded Webinar: Getting ready for Sustainable Finance Disclosure Regulation (SFDR) and ESG – what action should asset managers be taking now?

Interest in Environmental, Social and Governance (ESG) investment has exploded in recent years, bringing with it regulation and a requirement for buy-side firms to develop ESG strategies and meet disclosure obligations. The sell-side can help here by integrating ESG data with traditional financial information, although the compliance burden remains with asset managers. The EU Sustainable...

BLOG

A New Frontier of Regulation? Asia Takes the Lead

Asia has been home to wave of new initiatives in the RegTech space in recent years, and jurisdictions such as Hong Kong and Singapore are pushing hard to take the lead in the space as they seek to combat financial crime and gain a competitive advantage in the field. Last week, the Hong Kong Monetary...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...