African Central Bank Deploys Enterprise Banking System Based On XBRL, The New Standard For Disclosure
The Central Bank of Seychelles, one of the largest offshore business centers in the world, selects SQL Power's field-proven Zero-Footprint Platform for Real-Time Banking Supervision and Solvency Regulation.
Online, December 13, 2011 (Newswire.com) - SQL Power has been awarded a major contract by the Central Bank of Seychelles (CBS) to provide an end-to-end Enterprise Banking System for financial data collection and real-time XBRL analytics to satisfy the bank's rapidly-evolving Statistical and Supervisory requirements.
This comprehensive platform will provide a robust and flexible XBRL-based technical infrastructure for exchanging and mining data between the central bank and its reporting institutions on a daily, weekly, monthly and quarterly filing basis. The solution will permit CBS to collect high-quality financial data quicker, and in an electronic standardized way, ultimately accelerating financial analysis and improving communications between international regulatory agencies.
The platform will render returns forms, support Data Collection based upon standard XBRL formulas, and deliver valuable feedback to a subscriber bank or Financial Institution (FI) on their returns, while providing real-time validation. A subscriber FI simply logs in via the Internet and submits its business information or corporate financial filings via an intuitive submission form rendered by a standard or custom taxonomy (business rules). The submission is then validated in real time, certified, converted and stored as XBRL for easy analysis, management and distribution. This represents a superior approach for CBS in that it minimizes the support challenges related to the distribution of client software while maintaining high levels of security and ensuring maximum compliance.
With this XBRL-based platform, SQL Power is establishing the standard for disclosure in the 21st century. XBRL is a language - it is not an accounting standard or a technology; in fact it is technology agnostic. It enables the preparation, exchange and publishing of financial data and related quantifiable business information across disparate technology platforms, application software and accounting standards. Standardized electronic "content" as the optimal medium for managing and reporting financial data and business information is the promise of XBRL.
"This is a major strategic win for SQL Power in Africa, resulting from 8 months of outstanding teamwork among various SQL Power business units and CBS," said Dan Loney, SVP Worldwide Sales at SQL Power. "This latest agreement with CBS reinforces our organization's role as a leading global contributor to an otherwise under-served regulatory market."
The Financial Services Supervision Division (FSSD) of CBS is the prudential regulator of Domestic Banks as well as Offshore Banks, Bureaux de Change, Insurance Businesses and other Microfinance Institutions and intermediaries. CBS has also been formally appointed as the regulatory authority of Seychelles Credit Union (SCU) and delegated the supervision of the Housing Finance Company (HFC) and Development Bank of Seychelles (DBS).