PRISMA – Bundesbank project for improvement of message processing
01/17/2022 – The Federal Reserve held a launch event for PRISMA (Prudential Reporting, Integrated Services and Management Architecture). The intention of PRISMA is to ensure uniform processing of submitted reports, including improved quality assurance and subsequent forwarding to the EBA and ECB.
From August of this year, the first test reports can be submitted, before finally, from 01/01/2024, the ITS and RTF reports, as well as all correction reports on previous cut-off dates, must be submitted via PRISMA.
The introduction of PRISMA will result in the following changes for reporting institutions:
- Setting up new PRISMA mailboxes for correspondence
- LEI becomes part of the XBRL reporting file (for RTF reporting the lender number).
- Collective submission of multiple XBRL files is no longer possible
- Contact details for the messages are transmitted in a separate XBRL file
- So far only feedback after technical check – in future also after statistical checks as well as cross-period and cross-module checks
- Introduction of a report on the overall status:
– Information on outstanding messages
– Findings from checks and validations
– Correction requests
- Introduction of a dedicated test system at the Bundesbank
The following diagram illustrates the future, Bundesbank-side process for receiving and reviewing reports:
Our solution offering:
During the roll-out phase, we support you in implementing the new technical requirements, identify process and data quality gaps and assist with test message submissions and communication with supervisors.
In addition, we are happy to support you in handling queries and correction requests based on the now stricter validation checks by the supervisory authority and establish robust, automated processes.