JustSystems teams with IBM to demonstrate XBRL-based Financial Solution
JustSystems, a Global technology innovator, to demonstrate dynamic, visual presentation of financial data leveraging the accuracy and reliability of the XBRL open standard
London United Kingdom / Munich , Germany (15th XBRL International Conference) — June 4th, 2007 — JustSystems and IBM are working together to offer solutions for the Financial Services market that leverage the emerging XBRL (eXtensible Business Reporting Language) industry standard . By connecting the xfy application platform from JustSystems with the DB2 9 Viper data server from IBM, customers are able to utilize powerful enterprise workflow applications that rapidly enable organizations to take advantage of XBRL information.
At the 15th XBRL International Conference in Munich, Germany on June 4-7th, IBM and JustSystems will be demonstrating their joint solutions to the XBRL community.
"XBRL can provide great benefits for the financial information supply chain. The standard’s adoption by governments, central banks and industry sectors such as equity management demonstrates this" said Bob Picciano , VP worldwide software sales, IBM. "The combination of IBM DB2 9 and JustSystems xfy XBRL solution makes powerful XBRL information accessible to public and private institutions, investors and analysts helping them make better financial decisions faster.."
The growing demand for greater visibility into financial data has driven the need for a mechanism to alleviate the manual, time-consuming nature of working with financial reporting information. XBRL is a powerful and flexible XML-based language that standardizes financial reporting in a format that is clear and easy for business users to interpret and analyze. XBRL — which enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison — enables companies to efficiently define, produce, exchange, and communicate information that satisfies the reporting requirements of numerous regulatory bodies. The technology is already being put to practical use in a number of countries, and implementations of XBRL are growing rapidly around the world.
"XBRL is crossing the chasm of technology adoption and is now entering a new stage as governments and industries have started mandating its adoption for reporting, analysis, etc.” said Diane Mueller, VP XBRL development, JustSystems Inc. “The combination of IBM DB2 9 and JustSystems’ XBRL-based Financial Solution enables composite views of multiple financial information sources – mashups - to be delivered to the desktop across the enterprise."
The JustSystems Financial Solution drives down the cost of compliance, reducing the time and cost involved with increasingly stringent SEC and other regulatory filings. This represents the first ever financial reporting tool to feature dynamic, visual presentation of financial data while leveraging the accuracy and reliability inherent to the XBRL standard.
JustSystems is exhibiting at the 15th International XBRL Conference, June 4-7, 2007 at the Holiday Inn conference center in Munich, Germany. For more information, please visit www.justsystems.com, www.xfy.com or http://conference.xbrl.org/.
About JustSystems, Inc.
JustSystems is a leading global software provider with a 27-year history of successful innovation in office productivity, information management, and consumer and enterprise software. With over 2,400 customers worldwide and annual revenues over $110M, the company is continuing a global expansion strategy that includes the launch of its new enterprise software offering called xfy (pronounced 'x-fie') in the North American and European markets. JustSystems has worldwide office locations including headquarters in Tokyo, Japan; New York ; Palo Alto, California; Vancouver, Canada; and London, England. The company currently employs over 1,000 people. Major strategic partnerships include IBM, Oracle and EMC.