Finacle, IRIS Partner To Enable Financial Reporting Process Automation

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

The IRIS XBRL suite will 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. XBRL standards significantly decrease time-to-file for regulatory financial reporting in addition to facilitating automatic checks of data accuracy.

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“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,” said Haragopal Mangipudi, Global Head - Finacle, Infosys Technologies.

“By leveraging Finacle’s technology leadership and global reach, we will accelerate the adoption of XBRL compliant 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,” said S. Swaminathan, CEO, IRIS.