For governments around the world considering how XBRL-based solutions can lighten the regulatory burden on their citizens and companies, The Netherlands is leading by example
Kirkland, WA (PRWEB) January 17, 2007
UBmatrix™, the leading provider of software and services based upon the global XBRL (eXtensible Business Reporting Language) standard, today announced that the Dutch Ministry of Finance has selected UBmatrix as the provider of strategic software products to support their national roll-out of the Dutch National Taxonomy Project in 2007. The agreement includes the licensing of the market proven UBmatrix™ Processing Engine.
In The Netherlands, the Dutch Ministry of Finance has pioneered an effort to harmonize business reporting across its government agencies. The Ministry of Finance believes so strongly in the value of this eGovernment initiative to businesses in the Netherlands, that they introduced and signed a covenant in May 2006 with a variety of commercial enterprises and has targeted a savings of 350 million Euro for the private sector. 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).
"UBmatrix has two key attributes that made them an obvious choice," commented Mr. Harm Jan van Burg, Project Director Netherlands Taxonomy Project from the Dutch Ministries of Justice and Finance. "First, their technology has proven scalable in real world deployments. In fact, their success at the US Federal Financial Institutions Examination Council in deploying the world's largest XBRL application so far was truly pioneering. On top of that, they have been a key contributor in designing our country's taxonomies, which are really quite sophisticated."
"For governments around the world considering how XBRL-based solutions can lighten the regulatory burden on their citizens and companies, The Netherlands is leading by example," remarked UBmatrix President and CEO, Sunir Kapoor. "Given the breadth in scope of their vision, the Dutch government needs software products and applications that are proven to deliver. We are pleased to know that our software met their high standards."
One of the most compelling benefits XBRL offers to adopting organizations is its ability to easily sort out or "harmonize" information across submission forms and reports. It eliminates inconsistency and redundancy, providing an accurate picture of each submitter's data and improved comparability across submitters. For submitters, it allows better re-use of information thus making report submission much faster, and validates the information before submission eliminating call-backs and resubmissions due to errors. Organizations such as the agencies of the US Federal Financial Institutions Examination Council (FFIEC) are already seeing benefits thru their implementation of an XBRL-based solution.
XBRL Processing Engine
UBmatrix Processing Engine will be used by the Dutch Taxonomy Project team to read and validate millions of corporate report submissions each year. Reports currently included in the scope of this project include financial tax filings and Chamber of Commerce filings. The Dutch Taxonomy Project team also expects to support Census Bureau filings in the near future. UBmatrix Processing Engine is built on a completely extensible web services architecture that enables developers to easily integrate XBRL into existing applications.
Learn more about UBmatrix Processing Engine and other solutions available from UBmatrix at http://www.ubmatrix.com.
XBRL stands for "Extensible Business Reporting Language". XBRL is an international standard created by XBRL International, a consortium with hundreds of members worldwide, representing public and private companies, governmental and regulatory agencies. UBmatrix is a founding member of the organization and continues to provide technical, academic and organizational leadership. See http://www.xbrl.org for additional information.
UBmatrix provides technology solutions for making data portable. Offered both as licensed software and on-demand via the Internet, UBmatrix solutions help automate the process of exchanging information using eXtensible Business Reporting Language (XBRL), the next evolutionary stage of XML. Using our platform, organizations can move data freely among applications within an enterprise, between business partners, and to regulators without losing the semantic meaning of the data. 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.
Visit UBmatrix at http://www.ubmatrix.com.
UBmatrix and xBReeze are trademarks of UBmatrix, Inc. US Patent No 6,947,947 B2 and other patents pending.