|IRIS’ Offering for Banks
iDEAL, the Data Extraction Aggregating and Loading engine from the IRIS stable, bridges the gap between the organization’s internal systems and XBRL. iDEAL can be configured to seamlessly blend with an organization's existing framework, extract data from different applications, databases, in different formats and languages. It is estimated that the bank would save over 14 man days of high resource cost every quarter using IRIS iDEAL Tool. This will only go up as and when more reports get added in the XBRL reporting framework. Any future changes in the template by the RBI will also be incorporated in this tool through updates. This gives a direct savings to the banks in time and cost, as the bank systems need not be customized for the RBI reporting.
The IRIS iDEAL Tool eliminates all the worries of customizing the internal bank applications, specifically for XBRL reporting. Banks can get rid of manual extraction, computation and filing of the data in these template. They can also rely completely on the quality and accuracy of the data generated by the Tool. This is a clear time-saver. It will help banks in meeting the strict RBI deadlines for filing data. The IRIS iDEAL Tool will be enhanced with support for any new XBRL returns mandated by RBI in the successive time periods. Once the IRIS iDEAL Tool is integrated with the bank's internal data sources, the data can be directly generated using the defined mappings. The same mappings, if applicable, can be reused for all the successive filings.