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Press Release
iMonitor Expands Use Of XBRL Technology To Enhance Services And Reduce Costs In The Banking And Accounting Industries
ATLANTA, GA, July 15, 2003
iLumen Incorporated, a financial information and technology company headquartered in Atlanta, today announced expanded use of XBRL (eXtensible Business Reporting Language) technology to enhance application of the company’s iMonitor® financial monitoring and benchmarking network within the banking and accounting industries.
iMonitor is an automated system for gathering, analyzing and benchmarking financial reporting data. XBRL is the XML-based data-reporting standard for identifying and communicating complex financial information.
iLumen recently released Version 2.1 of iMonitor which incorporates new data management capabilities that include data cleansing and account standardization based on XBRL. The iMonitor network is built on an XML framework to enable receipt of data from any SME (small mid-market enterprise) client accounting system in multiple formats, including both XBRL-enabled systems and accounting systems that do not currently support XBRL. iMonitor also employs XBRL for data export to move customer financial information between the network and external CPA or bank analysis and reporting systems.
“iMonitor translates existing ASCII accounting data into XBRL to export financial reports in an XML-standard format,” said Robert H. Woosley, co-founder and chief executive officer of iLumen. “In the future, iMonitor will benefit from an XBRL-enabled world since it will simplify the acquisition of data that drives its analytic, alerting and aggregation modules. iMonitor’s data gathering and analysis engine delivers the functions envisioned by XBRL without requiring XBRL exports, or requiring a change or upgrade of the general ledger software used by reporting companies.”
"iMonitor's support for XBRL plays an important role in enabling the financial services supply chain," said Rob Blake, Group Program Manager at Microsoft, and Member of the XBRL US Steering Committee. "It can act as a bridge between bank customers and their financial institution by providing XBRL-enabled trial balance data. XBRL data would be very valuable to banks in helping perform loan processing and loan analysis. Data transmitted in XBRL format allows the bank to spend less time on data 'cleansing' and more time on data analysis."
About XBRL
eXtensible Business Reporting Language (XBRL) is a financial reporting specification developed by the XBRL committee (http://www.xbrl.org), an international industry body chartered with creating a standards-based method of preparing, publishing, exchanging and analyzing financial statements in a variety of formats. XBRL is an open, Internet-focused specification that uses Extensible Markup Language (XML)-based data tags to describe financial statements for both public and private companies. The initial goal of XBRL is to provide an XML-based framework that the global business information supply chain will use to create, exchange, and analyze financial reporting information including, but not limited to, regulatory filings such as annual and quarterly financial statements, general ledger information, and audit schedules.
About iLumen
iLumen, Inc. is a financial information technology company that delivers and manages private company data gathering and analysis solutions designed to solve critical problems in risk management, financial compliance and financial oversight within the banking, accounting and corporate environments. iLumen's services are based on a proprietary (patent pending) data warehousing engine known as iMonitor® that automates and standardizes the gathering, mapping, analysis and benchmarking of electronic accounting data from private companies.
For more information visit www.ilumen.com or call 404-446-1600. iLumen™ and iMonitor® are trademarks of iLumen, Inc., all rights reserved. |
