UBmatrix™, a leading provider of software and services leveraging the global XBRL standard, has recently won three important contracts providing its technology and services to banking supervisors across Europe.
Last week, the Central Bank of France, Banque de France, announced they awarded a contract to UBmatrix partners in France, Umanis/I.I.I (Informatique International Ingénierie) for the technology and services to support its COFINREP project, an XBRL-based bank reporting system named after the European COmmon solvency ratio REPporting and FINancial REPorting frameworks. The UBmatrix software platform will be core to their new reporting system. The move by Banque de France is part of the ongoing standardization within the
European Union of financial and Basel II compliance reporting by banking institutions.
The National Bank of Belgium (NBB) is also moving quickly to adopt XBRL. In fact, they are scheduled to begin collecting XBRL based reports from banks this summer. Having assisted them in finalizing their XBRL reporting structure based upon the European FINREP and COREP standards, UBmatrix has been aiding NBB for several months.
In The Netherlands,UBmatrix has been assisting the Ministry of Finance in development of the Dutch XBRL taxonomies.
“Information harmonization seems to be one of the key benefits driving the adoption of XBRL for regulatory industries,” says Sunir Kapoor, President and CEO of UBmatrix.