More NewsFinacle and IRIS Business Solutions Partner for XBRL Solution

Finacle and IRIS Business Solutions Partner for XBRL Solution

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.”

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha