The EFRAG and the GRI, a leading international organisation in sustainability reporting, have recently fortified their partnership.
This collaboration is marked by a new Memorandum of Understanding (MoU), signifying the deepening of their alliance.
This strengthened partnership aims to align the European Sustainability Reporting Standards (ESRS) with the GRI Standards, facilitating technical support for reporting companies. This initiative underscores the commitment of both organizations to work collaboratively in delivering efficient and comprehensive sustainability reporting frameworks.
EFRAG, as a key advisor to the European Commission, plays a significant role in the development of financial reporting standards, including the ESRS. GRI, on the other hand, specializes in setting global standards for sustainability reporting, assisting companies worldwide in communicating their impact on critical sustainability issues.
The partnership has already yielded the GRI-ESRS Interoperability Index, a tool designed to streamline reporting processes by demonstrating the commonalities between ESRS and GRI standards. This tool aids in reducing the complexity and duplication in reporting, allowing entities under ESRS to be considered compliant with GRI standards and vice versa.
Further areas of cooperation outlined in the MoU include the development of standards and guidance, education and training for ESRS preparers and users, and the integration of digital XBRL taxonomies. This collaboration is set to benefit companies and stakeholders by providing standardized, credible, and comparable sustainability information.
EFRAG Administrative Board President, Hans Buysse, expressed enthusiasm for the continued technical cooperation, stating, “As a multistakeholder organization, tasked with the elaboration of sustainability reporting standards as technical advice to the European Commission, EFRAG welcomes the fruitful dialogue with other standard setting organisations or initiatives.
“Our relationship with GRI has been and is exemplary in that regard and we look forward to this second phase in our technical cooperation.”
Similarly, GRI CEO, Eelco van der Enden, highlighted the practical outcomes of the partnership, saying, “The partnership between GRI and EFRAG has already borne fruit by ensuring that the new EU standards and the GRI Standards – which many companies in Europe and beyond are using to report their impacts — are closely aligned.
“Encompassing practical resources and training alongside deeper engagement on standards, this new MoU reassures companies and all stakeholders of our joint commitment to an aligned, efficient, and feasible EU and global ecosystem for impact reporting. I look forward to continued collaboration with our European partners to achieve this aim.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
