Kirkland, WA (PRWEB) August 8, 2006
UBmatrix™, a leading provider of software and services leveraging the global XBRL standard, has recently won three important contracts providing its technology and services to banking supervisors across Europe.
Last week, the Central Bank of France, Banque de France, announced they awarded a contract to UBmatrix partners in France, Umanis/I.I.I (Informatique International Ingénierie) for the technology and services to support its COFINREP project, an XBRL-based bank reporting system named after the European COmmon solvency ratio REPporting and FINancial REPorting frameworks. The UBmatrix software platform will be core to their new reporting system. The move by Banque de France is part of the ongoing standardization within the European Union of financial and Basel II compliance reporting by banking institutions.
Banque de France, headquartered in Paris, is linked to the European Central Bank and has responsibility for setting monetary policy and regulating the banking and financial industries in France.“We are excited to be helping Banque de France adopt XBRL,” remarked Sunir Kapoor, President and CEO of UBmatrix. “They are following through on the commitment of European Central Banks to adopt this new standard for information exchange in support of Basel II (COREP) and financial (FINREP) compliance reporting. With our partner Informatique International Ingénierie, we have a talented team that will be a model for many projects to come.”
“When it came time to assemble the right combination of services and software in response to Banque de France’s request, we naturally called UBmatrix. They are the clear market leader in software solutions supporting XBRL,” commented Marc-Olivier Lellouche, Managing Director and Partner with Informatique International Ingénierie. “The success of their products in the US, such as at the US Federal Financial Institutions Examination Council, along with our world-class professional services team, are key reasons we believe that our team was selected by Banque de France.”
The National Bank of Belgium (NBB) is also moving quickly to adopt XBRL. In fact, they are scheduled to begin collecting XBRL based reports from banks this summer. Having assisted them in finalizing their XBRL reporting structure based upon the European FINREP and COREP standards, UBmatrix has been aiding NBB for several months.
To assist banking institutions with this new reporting requirement, UBmatrix launched UBmatrix™ Report Builder for Microsoft® Office in May 2006. Speaking on the capabilities of UBmatrix Report Builder, Mark Creemers, who is in charge of XBRL Taxonomy development at the National Bank of Belgium commented, “I am very pleased to say that the UBmatrix XBRL instance document (report) was the first to pass all our technical and conceptual checks for a 100% valid XBRL reporting of the Belgian scheme A.” Belgian banking institutions will depend upon the UBmatrix Report Builder’s built-in integration with the new xBReeze™ online service from UBmatrix to obtain the latest reporting requirements from the Bank of Belgium; and then use UBmatrix Report Builder to prepare validated XBRL-based reports for submission.
“UBmatrix Report Builder is simply the easiest way for banking institutions across Europe to comply with the new XBRL reporting requirements,” added Frederic Chapus, President of UBmatrix International. “We have worked closely with the central banks to ensure our product meets two important goals. First, by using Microsoft® Excel we have ensured that bank compliance personnel will find it easy to use. Second, it must produce 100% compliant XBRL reports. Both goals have been achieved with UBmatrix Report Builder.”
In addition to the successes in France and Belgium, UBmatrix is aiding other European Union countries in deploying XBRL based solutions. In The Netherlands, the Dutch Ministry of Finance is pioneering an effort to harmonize business reporting information models across its government agencies. In fact, the Ministry of Finance believes so strongly in the value of this eGovernment initiative to businesses in the Netherlands, they introduced and signed a covenant in May 2006. The covenant states, “the Ministry of Justice along with the Ministry of Finance have started the Dutch Taxonomy Project (NTP) in order to realize reduction of administrative burdens for businesses in the financial reporting chain by simplifying the exchange of financial reports with governmental bodies.” (Covenant for cooperation between public and private sector regarding the use of the Dutch XBRL-taxonomy, 15-May-2006)
Assisting the Ministry of Finance, UBmatrix has been the leading firm in development of the Dutch XBRL taxonomies. Mr. Harm Jan van Burg, Project Director Netherlands Taxonomy Project from the Dutch Ministries of Justice and Finance commented, “UBmatrix has deep experience in XBRL and we appreciate the assistance they have provided us in designing high quality taxonomies for our country.”
“Information harmonization seems to be one of the key benefits driving the adoption of XBRL for regulatory industries,” added Sunir Kapoor. “It was one of the key drivers behind the FFIEC’s Call Reporting initiative launched last October where a common reporting model was agreed across three separate FFIEC agencies, and here it is again in The Netherlands. Simplification of the reporting process using XBRL is valuable both to the reporting companies as well as to the organizations that collect data from them.”
To learn more about UBmatrix products and services, please visit http://www.ubmatrix.com.
UBmatrix provides a platform and applications for making information portable. Offering both licensed software and software as a service on the Internet, UBmatrix solutions help automate the process of exchanging information using the eXtensible Business Reporting Language (XBRL) standard, the next evolutionary stage of XML. Using our platform, organizations can move information freely among applications, business partners, and regulators without losing the semantic meaning of the information. Benefits include increased operational and financial transparency, cost savings in sharing data both inside and outside the organization, and greater confidence in reporting accuracy and regulatory compliance.
UBmatrix has been committed to XBRL since 1998. We are recognized worldwide for our thought leadership, technology, and customer commitment.
UBmatrix is a privately-held corporation headquartered in Kirkland, Washington, USA and venture-backed by Draper Fisher Jurvetson. UBmatrix can be reached at +1-425-285-0200, or at http://www.ubmatrix.com
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