Standards have been used to successfully automate the collection of data for surety underwriting which historically has been a highly manual process. XBRL was used to enable the consistent and accurate consumption of financial data from contractors into a surety’s financial database, helping to streamline contractor access to credit and increase underwriting efficiency.
XBRL US and ConsenSys, a blockchain technology company, announced the formation of a working group to develop standards for tokenization of assets on the blockchain. A token is a digital representation of an asset, e.g., debt, equity, cash or a physical asset (i.e. a vehicle or a piece of artwork).
Inline XBRL could just tip the scale towards the adoption of standards in corporate actions.
XBRL US joins a SunSpec Alliance project team establishing data standards as part of the Department of Energy’s Orange Button program to make it easier to aggregate and share solar data, facilitating more efficient and cost-effective financing of distributed energy projects.
In Q1 2016, installation of solar PV (photovoltaic) rose 24% over Q1 2015; for the same period, solar accounted for 64% of all new electric generating capacity brought on-line in the U.S (Source: SEIA). Rapid expansion in the solar energy industry highlights the need to streamline the collection, management and exchange of solar datasets to […more]
Under the Securities Act of 1933, the offer and sale of securities must be registered unless an exemption from registration is available. Title III of the Jumpstart Our Business Startups (JOBS) Act of 2012 added Securities Act Section 4(a)(6) that provides an exemption from registration for certain crowdfunding transactions. In 2015, the Commission adopted Regulation […more]
The Altova Work in Process (WIP) XBRL add-in for Excel makes it easy for contractors to submit WIP reports to sureties in a valid XBRL format – simply by entering the information into a spreadsheet in Excel. Learn more.
Data standards in surety underwriting will improve efficiencies, accuracy and timeliness The Surety Working Group formed under XBRL US announced today the completion of the Proposed Recommendation of the Work-in-Process Taxonomy, a digital dictionary of terms to describe reported values for costs, revenues and gross profit used to identify risks and determine eligibility for surety […more]
Technology can automate financial services, creating efficiencies and reducing cost. Accurate, timely information drives financial markets. And within the past two decades, technology-driven data standards have dramatically increased the efficiency of financial products. So it’s only logical to consider how they can be incorporated into fintech offerings. Without data standards, the automation and speed promised by new financial technologies, like […more]