Looking for an alternative to EIOPA’s T4U?
EIOPA’s support for the T4U software will effectively end in the summer 2017. EIOPA is hoping that commercial software vendors will invest and maintain the T4U software and the taxonomy updates it relies on.
However, T4U has proven to be complex and difficult to support and would need to be extended to support ‘native’ XBRL validation and local National Specific Templates by commercial vendors or the firms themselves.
As far as we are aware, there are currently no vendors that have announced this support or stated that they are willing to make the investment required. Looking forward this may happen, but any future T4U software, taxonomy mappings or services will be provided These firms will, of course, be expecting to charge for this on a commercial basis.
There is an alternative to be stuck with an inflexible and costly solution....
UBPartner XBRL Reporting Toolkit - a much simpler and flexible alternative
The UBPartner XBRL tools can provide all the key features that T4U provides, plus much more. By keeping the Tools and interfaces simple, the XBRL Toolkit is both easy-to-use and simple to deploy. Yet it also has many advanced and powerful features that mean that it can be extended and customised to support any type of reporting process.
It includes a range of interfaces from a simple Excel Add-in to a fully featured Portal interface that enables collaboration, shared reaources and audit trails. It also provides a full Software Development Kit and standard APIs, plus can be run in batch mode.
The XBRL Toolkit is already being used for Solvency II reporting by regulators, major insurance consultancies, actuarial firms and software firms, and hundreds of insurance companies.
The table below shows examples of the wide range of features in UBpartner's XBRL Toolkit's compared against the existing T4U capability:
|Key Feature||EIOPA T4U||XT|
|Based upon EIOPA QRTs and ECB add-ons|
|Validation according to EIOPA taxonomy|
|Support for National Specific Templates (NSTs)|
|Continuous support and enhancements to new taxonomies|
|Fast native XBRL rules validation|
|Errors can be highlighted in Templates|
|Local filing rules (non-XBRL) and formatting|
|Support of flexible workflow options|
|Desktop or Portal based solution, plus full SDK for integration|
|XBRL Reporting Data analysis (Optional)|
|Highly responsive and supportive service team|