Press Release
Wachovia Bank and iLumen Present at XBRL Conference in Seattle
SEATTLE, WA, November 4, 2003
Wachovia Bank and iLumen Incorporated, a financial information and technology company headquartered in Atlanta will make a joint presentation this week at the 8th XBRL International Conference in Seattle. The presentation entitled “Automated Credit Analysis and Risk Monitoring with XBRL: The Wachovia/iLumen Case Study” discusses the application and implementation of iLumen’s automated financial monitoring technology within Wachovia’s banking structure. XBRL is the XML-based data-reporting standard for identifying and communicating complex financial information.
Jay Mendicino, Vice President of Wachovia Bank and Loren Eckart, VP of Product/Operations at iLumen will address the XBRL Conference on November 5th. Their presentation will detail what it takes to leverage electronically enabled financial information focusing on a phased implementation approach, evaluating the impact on constituencies within a bank along with the value proposition to the bank’s business customers.
iMonitor is an automated system for gathering, analyzing and benchmarking financial reporting data. iMonitor gathers and translates existing ASCII accounting data into XBRL to export financial reports in an XML-standard format. iLumen recently released Version 2.1 of iMonitor which incorporates new data management capabilities that include data cleansing and account standardization based on 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 such as Moody’s Financial Analyst. iMonitor is being integrated into the customer data gathering and analysis processes of banks and accounting firms across the US including Wachovia Corp. who is currently running a pilot.
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.
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. |
