Arkk Solutions, software and service supplier to clients such as Zurich, Axa and Prudential, today announced the release of the extension of its XBRL reporting suite for complying with the incoming Solvency II legislation, due on 1 January 2016.
Traditionally a “final mile” reporting provider, which specialises in taking the output of internal data from firms and converting it to a format ready for regulators to import, their latest offering can be used either to convert customer populated EIOPA templates, or using their new Bluebird adaptor, the templates can be automatically populated from a multitude of data sources.
“We saw there was a clear demand for a conversion tool in the Solvency II space. Whilst most businesses have been running projects to gather the complex data required for some time, on the most part their internal technology projects, or in some cases third party software vendors, do not have the ability to transform the required data into XBRL format for filing. “ comments Arkk Solutions’ Managing Director, Richard Metcalfe.
The XBRL conversion module is consistent with Arkk Solutions’ other regulatory reporting offerings across AIFMD and CRD IV reporting. The product is Excel-based providing quick implementation as there are no external systems integrations and extensive user training required. To further speed the delivery and deployment process, customers have a choice of a cloud-based solution or a more traditional desktop implementation.