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The Bank of Spain is responsible for oversight of Spain's banking system, collecting information and statistics, and handling reporting for all banks and financial institutions to the European Central Bank. To manage these growing responsibilities, The Bank of Spain developed a Master Plan for the adoption of eXtensible Business Reporting Language (XBRL™), supporting their commitment to transparency in financial information reporting. The Bank is also involved in promoting the use of XBRL within all organizations that are part of its distribution chain for financial and accounting information.
The Bank has been instrumental in an industry-wide effort to promote interoperability in the financial system, making information more accessible and transparent. The cornerstone of this effort is XBRL, a new, universal standard for disseminating financial and accounting information that is now supported by more than 300 international organizations. In 2003, The Bank was instrumental in launching a pilot project that introduced XBRL for regulatory reporting by companies involved in the appraisal and valuation of property and other goods.
Based on their evaluation of the XBRL pilot, The Bank of Spain designed a Master Plan that involved key areas within its organization. The Master Plan specified a functional and technical architecture that handles the processing of information in XBRL within each area of the organization. Fujitsu España Services was selected to develop the technical infrastructure services necessary for processing information in XBRL.
To address the requirements of The Bank of Spain's Master Plan, Fujitsu España Services deployed Interstage XWand, part of the Fujitsu Interstage suite of software products. Through Interstage XWand, The Bank of Spain's infrastructure services were implemented in .NET and Java technologies.
The proposed Fujitsu España Services solution included the following functionality:
Interstage XWand is a comprehensive development and runtime environment, providing all tools required to develop, test and maintain taxonomies that are fully compliant with both XBRL 2.0 and 2.1 specifications. Interstage XWand consists of an Integrated Development Environment (IDE) and a set of flexible Application Programming Interfaces (APIs), which make it possible to rapidly develop and deploy applications for processing XBRL documents. Interstage XWand is available for both Java and Microsoft .NET environments.
The Bank of Spain's deployment of XBRL through Interstage XWand enabled automatic data validation, achieved better data quality, and reduced manual efforts. More than 400 banks - or 90 percent of the financial sector - file their monthly financial statements in XBRL to The Bank of Spain. It is now pushing ahead plans for expanded use of XBRL, supporting a number projects for regulatory reporting to European banking supervisors.
The Fujitsu solution delivered key benefits to The Bank of Spain. It helped:
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