Preparing for the Bank of England transition from OSCA to BEEDS?
In November 2020, the Bank of England, “BoE”, announced that it was planning to move the collection of statistical data, migrating from its Online Statistical Collection Application (OSCA) portal to the new Bank of England Electronic Data Submission (BEEDS) portal.
BEEDS is an online application that enables firms to complete and submit data submissions online. Firms can also view the information held about them by the Bank of England and keep it up to date.
This move is one of the most significant changes to the BoE’s statistical reporting regime, as regulated firms will now have to submit all returns in XBRL format, where this was previously done via XML.
This change will take place in phases over 2022, following various UAT testing windows which VERMEG have taken part in. The first phase of onboarding will begin in March 2022, with the second phase planned for June 2022. OSCA is scheduled to be turned off by September 2022.
Although this is a momentous change for the firms and software vendors affected, VERMEG will not be charging any fees to clients for new BEEDS-enabled software.
Throughout the entire process, from launch of the project through to go-live of the BEEDS platform, VERMEG has been working alongside the Bank of England to prepare for the changes, to continue supporting its user base and the wider regulatory community. As part of this, VERMEG has enhanced its XBRL Visualiser tool to include the BoE reporting suite.
If you would like to learn more about the OSCA to BEEDS project or discover how VERMEG can support your organisation in the transition process, please contact us here.