DataTracks leads in the UK ESEF Reporting for multinational banks
06th April 2022, London – DataTracks, a global leader in compliance reporting solutions, has successfully helped many leading listed businesses to prepare and file compliance reports to regulators. With its robust, error-free and dependable tagging service, DataTracks seamlessly integrates with the full reporting services provided by UK agency, Friend Studio. Working closely together, the teams recently provided the ESEF tagging solution for the UK’s first mandatory filing – for Standard Chartered, a UK-based multinational bank.
UK ESEF Reporting for multinational banks
Under the ESEF mandate, listed companies in the EU and UK have faced many challenges submitting their annual financial reports in the iXBRL format and complying with the new filing rules. DataTracks and Friend Studio’s experience in mandatory XBRL filings, and their Europe-wide perspective, offers companies a proven, experienced solution, allowing the company’s reporting team to focus on their core responsibilities.
DataTracks and Friend Studio helped Standard Chartered to file two fully-designed, high-quality ESEF Annual reports simultaneously with their results announcements and completed in record time – making these the UK’s first mandatory ESEF reports.
Friend Studio is an award-winning team of corporate reporting, communications and branding specialists in London, delivering strategic, creative and innovative communications across all media. For the past 5 years, Friend Studio has been integrating XBRL reporting into its services, alongside partners like DataTracks.
Rob Riche, Friend Studio’s Digital Reporting Lead, said: “I can’t thank the DataTracks team enough for all the support and hard work to get these filings completed at speed, and at the highest quality. It is hugely appreciated, and we will do our best to make it an even better process next year. To publish and file the first mandatory ESEF report in the UK, for one of the UK’s largest companies, and at the same time as the prelims is an amazing achievement! Well done to everyone in the team, and we look forward to further projects together.”
Balaji Muthukrishnan, COO, DataTracks, said: “It was a fruitful partnership with Friend Studio in processing this high-profile bank’s ESEF filing, involving complex, rich design. Team rose to the occasion and helped deliver high quality results without any compromise or delay. We were able to reap the 17+ years of regulatory filing experience worldwide and easily apply those best practices to ESEF regulation. By working in tandem with the Friend Studio team, we provided the solution to the challenges that the client faced with ESEF.”
He further added: “The team worked really hard to cater to the client’s business needs and provide them with the most efficient solutions within very tight deadlines to make the early filing possible. By making the customer satisfied with the end results, DataTracks has proved itself to be an expert in regulatory reporting solutions and a trustworthy ESEF provider. We will make sure to maintain healthy business relationships with partners like Friend Studio and provide maximum support and assistance in the future as well.”
As a pioneer in providing disclosure management software for 17 years, DataTracks serves more than 21,500 business enterprises in 26 countries. DataTracks has a commendable experience of preparing more than 2,20,000 compliance reports so far for filing with regulators such as ESMA in the European Union, HMRC in the United Kingdom, ACRA in Singapore, CIPC in South Africa, SSM in Malaysia, SEC in the United States, and MCA in India.
For more information, visit the website @ https://www.datatracks.com/eu/
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