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The Bank of Spain has made a commitment to transparency in financial information. It has therefore adopted XBRL as a standard for its reporting. It is also promoting the use of XBRL by all of the organizations involved in the distribution chain of finance and accounting information.

Industries:

  • Financial Services

Offering Groups:

  • Solutions

Solution Areas:

  • Financial Solutions

Regions:

  • Spain

Challenges:

  • Adopting XBRL as a standard for sharing financial information among senders and recipients, so as to seek out the efficiency and transparency.

Benefits:

  • Facilitating adoption of the XBRL standard through services for later development of XBRL applications.
  • Functionality for handling XBRL information.
  • Accelerating the development of XBRL applications.

The Bank of Spain is committed to adopting XBRL as a standard for sharing financial information among senders and recipients, so as to seek out the efficiency and transparency of the financial data which drives the national and international economy.

The Bank of Spain promotes interoperability in the financial system so as to make information more accessible and transparent.

The Bank of Spain is committed to the implantation of XBRL as a standard format for sharing financial information.

The new universal standard for disseminating finance and accounting information, XBRL (eXtensible Business Reporting Language), came about as the result of a joint effort by more than 300 international organizations to optimize the mechanisms for producing, divulging and analyzing financial information.

As a first initiative towards implementing this financial reporting standard, the Bank of Spain has designed a Master Plan that involves different areas within the organization (Regulation, Balances Central, Balance of Payments, Laundering of Capital).

In order to develop the projects in each of the areas involved within the Master Plan, the entity has designed a functional and technical architecture which will be responsible for processing the information in XBRL format which must be used.

Within the framework of implementation of the designed technical architecture, in which both the functional services and technical infrastructure services are included, Fujitsu España Services has been selected to develop the technical infrastructure services necessary for processing documents in XBRL.

Fujitsu España Services bases these infrastructure services on its XBRL “Interstage XWand” processor, which forms part of the Interstage suite of products. These services, implemented in .NET and Java technology, will provide the proper programming interface for the development of XBRL projects within the entity.

Client Profile

The Bank of Spain plays the role of a National Central Bank, which is in charge of the following, as well as other tasks:

  • Promoting the proper operation and stability of the financial system
  • Supervising solvency
  • Advising the government
  • Providing treasury services
  • Producing and publishing statistics
  • Promoting the proper operation and stability of the financial system

The Solution

Development by Fujitsu España Services. S.A of the XBRL infrastructure services, as a part of the technical architecture designed by the Bank of Spain, in order to provide a response to its Master plan for the adoption of XBRL:

  • Loading and validation of XBRL taxonomies.
  • Loading and validation of XBRL reports.
  • Handling the XBRL.
  • Extraction and transformation of data into XBRL.
  • Publication of XBRL information.
  • Storage of XBRL documents. n Production of reports.

The Benefits

The main benefits provided to the Bank of Spain by Fujitsu España Services. S.A. were:

  • Facilitating adoption of the XBRL standard through services for later development of XBRL applications.
  • Functionality for handling XBRL information.
  • Accelerating the development of XBRL applications.