Web Services and XBRL to Streamline Call Report Processing
Federal Banking Regulators Award Unisys Outsourcing Contract to Transform the Collection of Bank Data
Call Agencies to Employ Web Services and XBRL to Streamline Bank Call Report Processing
Blue Bell, PA, USA. June 17, 2003.
Unisys Corporation announced today that the Federal Deposit Insurance Corporation (FDIC), on behalf of the Federal Financial Institution Examination Council (FFIEC) agencies, has selected the company to modernize the current collection of bank data, known as Call Report processing, and to help the agencies transition toward a paperless, electronic environment. The bank data are used in a wide range of regulatory, supervisory and analytical functions, including the design and conduct of banking policy and industry risk assessment.
The business process outsourcing contract has an initial term of seven years and value of approximately $28 million; the FDIC can extend it for three additional one-year periods. In addition, the FDIC can order optional technical requirements. If the FDIC exercises all options and extensions, the contract will be worth approximately $39 million.
Streamlining the Call Report process should help the agencies to reduce paperwork and lower the cost of doing business. Key to the new process is the implementation of a central data repository (CDR) using proven technologies to collect and process the bank data as well as serve as a single source for all information related to this data submitted by financial institutions.
To help the Call Report agencies modernize business operations, the CDR will provide the platform for timely, efficient, low-cost and standardized exchange, storage and distribution of accurate Call Report data. Unisys will provide a range of services covering solution development, hosting, help desk and application maintenance.
"The solution combines Microsoft .NET technology with Unisys consulting solutions and enterprise family of servers. We expect that this solution will become a mainstay of the banking community's federally mandated reporting process," said Greg Baroni, president, Global Public Sector, Unisys. "Overall, this initiative will demonstrate Unisys ability to deliver a complete business process outsourcing solution quickly and efficiently."
The solution will be implemented in a Web services architecture leveraging the Microsoft .NET framework. As a Web services-based architecture, the solution implements Extensible Business Reporting Language (XBRL) as the standard data format for the Call Reports. XBRL is the XML-based standard for identifying and better communicating the complex financial information in corporate business reports allowing for easier and more reliable exchange of corporate financial information.
The Federal Financial Institutions Examination Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS) and to make recommendations to promote uniformity in the supervision of financial institutions.
Unisys is a worldwide information technology services and solutions company. Our people combine expertise in systems integration, outsourcing, infrastructure, server technology and consulting with precision thinking and relentless execution to help clients, in more than 100 countries, quickly and efficiently achieve competitive advantage. For more information, visit www.unisys.com.
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