IDOM, Inc., world-renowned for its innovative regulatory reporting solution, today announced they have entered into an agreement with DynAccSys LLC, of Silver Spring, MD, a leading-edge custom software developer of solutions for complex business problems. This newly formed strategic business alliance will provide the financial industry with effective integrated solutions to achieve its financial reporting requirements. These solutions shall provide multi-faceted levels of financial reporting facilities from "big picture" summaries, right down to the granular transaction detail.
Stephen Codignotto, chairman and chief executive officer for IDOM, Inc. stated, "Standardizing internal information at the detail level using XBRL (eXtensible Business Reporting Language) technology provides users the ability to efficiently produce detail data from summary data and vise versa. XBRL allows more comprehensive regulatory reporting and enhanced compliance capabilities, even between disparate applications and information systems.
The ability to analyze and compare data more quickly, efficiently and reliably, relieves the reporting burden placed on financial institutions' to meet their regulatory reporting requirements. In essence, it enables the institutions to focus energies on their business initiatives while regulators are provided with updated information.
"The implementation of XBRL is a natural fit with our mission to provide effective and accessible solutions to complex accounting and business operations," commented Lisa Miller, president of DynAccSys. "XBRL makes data intelligent. Its implementation throughout a financial institution makes data completely reusable and reportable giving business users easy access to their own data, without impacting legacy systems. We invented Xabra(tm) to enable data to flow throughout the financial supply chain to significantly reduce costs in the financial and business reporting."
"Working with IDOM's REG-Reporter is a perfect match given their extensive regulatory reporting and compliance expertise within the financial industry," commented Sonia Antypas, DynAccSys's XBRL Program Director - Financial Services.
"We are extremely excited to work with DynAccSys given their knowledge in XBRL and broad vision of its capabilities for the future," said Vincent Raniere, president and chief financial officer for IDOM, Inc. "This alliance better positions IDOM to further its goal in expanding our regulatory reporting and compliance solutions throughout the domestic and international banking communities."