BoE Encourages Submission of Branch Returns on BEEDS Portal
BoE confirmed that firms subject to Branch Returns reporting requirements will be encouraged to use the BoE's Electronic Data Submission (BEEDS) portal to submit Branch Returns from February 2021. To facilitate collecting the data through BEEDS portal, BoE has updated the Branch Return Excel template to include an XML schema (in case firms prefer to generate the XML file directly) and has published the standalone XSD file. The accompanying release note provides instructions on how to generate the XML file from the Excel template and submit the template via the BEEDS portal.
The new template allows firms to prepare data submission in an Excel format before generating an XML file for submission on the BEEDS portal. The step to include the Branch Return on the BEEDS system has been taken after considering the feedback received from firms during the last consultation process and in bilateral conversations. However, BoE will still accept emailed submissions but encourage firms to use BEEDs as the system will provide prompt feedback against validations, as well as providing a secure route of data submission and a clearer audit trail.
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Keywords: Europe, UK, Banking, BEEDS, Branch Return Form, XML Schema, Reporting, Foreign Banks, BoE
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