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COREPFINREPEBA
Manual COREP/FINREP Validation Was Unsustainable
Major European Bank
5,000+ employees
4 weeks
85%
Validation Time
0%
Rejection Rate
92%
Error Detection
3x
Team Efficiency
The Challenge
A Tier 1 European bank was struggling with their regulatory reporting process. Each COREP/FINREP submission required 4+ hours of manual validation, leading to missed deadlines and frequent rejections from the EBA.
Pain Points
- ✗Validation taking 4+ hours per submission
- ✗15% rejection rate from EBA
- ✗No visibility into errors until submission
- ✗Manual cross-checking between templates
- ✗Difficulty tracking xBRL-CSV transition requirements
The Solution
The bank implemented Xerify's API-first validation platform, integrating it directly into their existing reporting workflow. Validation now runs automatically on every file change.
Key Features Used
Real-time validation via REST API
EBA filing rules v5.7 compliance
xBRL-CSV/OIM format support
Automated cross-template validation
Detailed error explanations with fix suggestions
Webhook notifications for validation results
The Results
85%
Validation Time
Reduction from 4 hours to 35 minutes
0%
Rejection Rate
Zero rejected filings since implementation
92%
Error Detection
More errors caught before submission
3x
Team Efficiency
Faster reporting cycle completion
"Xerify transformed our regulatory reporting process. What used to take days now happens in hours, and we haven't had a single rejection since we started using it."
Head of Regulatory Reporting
Major European Bank
Implementation Timeline
1
Discovery & PlanningWeek 1
Requirements gathering and API design
2
IntegrationWeek 2-3
API integration and workflow setup
3
Testing & ValidationWeek 3-4
Parallel testing with historical data
4
Go-LiveWeek 4
Production deployment and training
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