What a Fintech is?
For a while now, one of the main investment engines focused on future are Fintech platforms. So, term comes from the association of Finance and Technology. Likewise, Fintech definition covers financial services companies that use technological advances to offer modernized financial products and services.
In a few years, Fintech companies will transform the financial sector at a private and business level. Its main activity, then, is the financial technology intermediation for the user requirements (transfers, purchase-sale, loans and so on). One of its objective is to optimize economic operations, both companies and individuals, through the use of financial technology platforms based on so-called ICT´s (Information and Communication Technologies).
How XBRL contributes to Fintech
XBRL stands eXtensible Business Reporting Language; the standard to exchange financial information digitally. With which, this standard use allows to share and acces to this data quickly and easily from software applications.
The XBRL standard establish taxonomie that assign rules (data to be included, as well as format and relationships between them); therefore, they are expandable over time and can be modified according to the each user needs.
By using XBRL it is possible to compare, add and analyze business information, then, using a single report to be sent to several agencies at the same time. This increases information transparency and transforms financial communication adaptint itself to the efficient and the less expensive techniques.
Paris Fintech Forum
Main adventages del XBRL for Fintech
How XBRL contributes to Fintech
- Improved access to standarized, reusable and updated digital financial information by analysts and regulators.
- Reduction of the financial information chain, extracting it from a single XML database.
- Reduction of costs in reports preparation.
How Reporting Standard can contribute Fintech
Reporting Standard, so, we have more than 10 years of experience in XBRL standard use and creation. We have a wide rage, consequently, of products and services that we make available to companies in three activities:
- Computer consulting specialized in XBRL
- Software creation of XBRL
- Development and integration of XBRL.
Reporting Standard products for the XBRL use are based in three basic pillars:
How XBRL contributes to Fintech:
Viewing and editing XBRL reports. If you need to visualize or edit XBRL reports, we have the following products:
Development and integration of XBRL software. If you need to adapt your system integrating it to XBRL, this is your option:
Taxonomy Generation. If your need is the creation of a Taxonomy, in Reporting Standard we offer this solution:
In addition to this, we offer XBRL solutions adapting them to each profile: