Streamlining regulatory reporting through Suade - BEEDS Accreditation program
The Bank of England's Electronic Data Submission (BEEDS) portal plays a central role in managing formal regulatory and statistical data submissions between PRA-authorised firms and the Bank of England.
Firms authorised by the Prudential Regulation Authority (PRA) to accept deposits in the UK are required to submit various regulatory and statistical returns via BEEDS. These include all the Bank of England Statistics returns (BT, AD, AL etc.) with reporting cycles ranging from monthly to annual submissions. The specific obligations depend on a firm's size and activity, as outlined in the Bank of England’s reporting thresholds.
Introduced in June 2015 to support the first phase of the SII regime, BEEDS replaced the Online Statistical Collection Application (OSCA) in November 2020. A significant enhancement was the shift to XBRL (Extensible Business Reporting Language) submissions, which replaced XML. This transition allowed for more structured, machine-readable reporting facilitating more powerful statistical analysis.
Vendor accreditation
The Bank of England launched a vendor accreditation programme to evaluate software providers specialising in regulatory reporting. The accreditation involves rigorous testing to ensure vendors meet the required technical and data quality standards. This programme gives firms confidence in their chosen tools, knowing that accredited providers offer reliable and compliant solutions for BEEDS submissions.
Suade has successfully achieved this accreditation, reinforcing our commitment to delivering high-quality reporting tools. Suade is a recognised software house for the preparation & submission of Bank of England Statistical reporting.
(https://www.bankofengland.co.uk/statistics/data-collection/statistical-reporting )
Simplifying submissions with Suade
As an accredited vendor, Suade offers a fully integrated solution for firms using BEEDS, making regulatory reporting faster and more straightforward. While the accreditation covers Statistical reporting, Suade allows you to meet all your other reporting requirements with the BEEDS portal, including other data collections (FINREP, CRR, FSA et.)
Our platform includes:
- Direct API submission: Suade connects directly with BEEDS, allowing XBRL files to be submitted without manual uploads. Submitting the XBRL file manually remains a possibility for periods of heavy system use or technical difficulties.
- Error checks: Real-time validation ensures issues are caught and resolved before submission.
- Complete audit trails: Track every stage of the reporting process, from data preparation to submission.
Benefits of automation
By automating submissions through Suade, firms can:
- Protect data integrity: Prevent errors or accidental changes in reporting files.
- Save time: Eliminate manual steps, freeing up valuable resources.
- Stay compliant: Keep pace with the Bank of England’s latest technical and reporting requirements.
Preparing for tomorrow’s reporting challenges
BEEDS has streamlined the way firms handle regulatory reporting, but as taxonomies, API endpoints, and standards continue to change, firms need tools that adapt. Suade’s platform is built to keep up with these updates, ensuring that firms always have a reliable way to meet their obligations.
Our accredited platform reduces manual effort, provides full traceability, and delivers a trusted solution for meeting BEEDS requirements. By using Suade, financial institutions can improve their reporting workflows, ensuring compliance while reducing complexity
Ready to simplify your reporting?
Contact us today to learn how Suade can transform your regulatory reporting experience.