Bangalore, Mar 3 : Finacle, the universal banking solution from Infosys Technologies, and IRIS Business Services, a worldwide leader in Extensible Business Reporting Language (XBRL) tools and solutions announced a strategic partnership to provide banks with the IRIS XBRL suite, enabling financial reporting process automation in compliance with XBRL standards.

The suite would 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, an Infosys release today said.

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 per cent 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, the release said.