The IRIS XBRL suite will support the regulator’s drive towards financial transparency and standardisation of reporting for ease of peer parison, while also lowering sts of report and data nsolidation.      

Finacle the universal banking solution from Infosys Technologies, and IRIS Business Services, a worldwide leader in XBRL (Extensible Business Reporting Language) tools and solutions announced a strategic partnership to provide banks with the IRIS XBRL suite, enabling financial reporting process automation in pliance with XBRL standards.

The IRIS XBRL suite will support the regulator’s drive towards financial transparency and standardisation of reporting for ease of peer parison, while also lowering sts of report and data nsolidation. 

Templates can be modified and altered in acrdance 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 auracy.

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 auracy in addition to lower st of ownership, are benefits arued from leveraging the IRIS XBRL suite. 

Key Quote

Haragopal Mangipudi, Global Head - Finacle, Infosys Technologies, “Extensible Business Reporting Language is a game-changing global standard that will significantly change the way financial information is reported, both internally and externally. CFOs and CIOs 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.”

IRIS CEO, S. Swaminathan:  “By leveraging Finacle’s technology leadership and global reach, we will aelerate the adoption of XBRL pliant reporting in the banking world through the deployment of the IRIS XBRL suite which will make it that much easier for banks to embrace XBRL internally. We are also delighted that Infosys has chosen to partner with us.”