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XBRL News about sustainability reporting and derivatives

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Here is our pick of the 3 most important XBRL news stories from the last week. 

1 The ESG interview: making climate data comparable

IOSCO Chair Ashley Alder believes we’re in sight of “a real step change” in sustainability reporting. The IFRS Foundation’s climate-first approach to globally standardised sustainability reporting offers the most efficient path to decision-useful, corporate-level ESG information for institutional investors, according to Ashley Alder, Chair of IOSCO and CEO of Hong Kong’s Securities and Futures Commission (SFC).

We couldn’t agree more. As sustainability reporting goes mainstream, it will have to be globally standardised, mandatory, audited and prepared using a control framework similar to financial reporting’s. Or as this fabulous piece expresses it in the most concise way possible: Measure less, better.

2 Big News! Europe to get mandatory digital ESG disclosure using inline XBRL

The European Commission has adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), to amend and replace the current Non-Financial Reporting Directive (NFRD). It will require the use of Inline XBRL (or iXBRL) in reporting detailed and consistent structured data, and marks a new chapter in environmental, social and governance (ESG) disclosure, promising much more meaningful, comparable information for investors and other stakeholders. It was announced as part of a sustainable finance package intended to foster sustainable activity.

And yet another acronym to learn in the ESG pantheon: CSRD! While we certainly support the expanded scope of the reporting requirement as well as the data vector to be used, we are concerned that the lack of informational focus and standardisation as per the above comment will render that information less decision useful that necessary. But we’re open to be positively surprised!

3 A new path forward: global data harmonisation in derivatives trade reporting

Some suggest that, had data on over-the-counter (OTC) derivatives transactions been available before the financial crisis in 2008, the build-up of risk could have been foreseen and managed very differently. This is what led to G20 demands that all derivatives products be reported to trade repositories and made available to regulators.But as early as 2010, before the first repositories were live, regulators, the Depository Trust & Clearing Corporation (DTCC) and others in the industry had identified derivatives data fragmentation issues and began raising awareness of the need to implement standards at that time. Derivatives markets are interconnected and international — therefore, derivatives data needs to be consistent and readable across all jurisdictions.

Read this piece to learn many more arcane acronyms from the derivatives trading world! But more seriously: the article supplies a useful overview of the growing understanding around the globe that intergovernmental regulatory cooperation in the world of derivatives trade reporting is pointless unless broken down to the fine technical detail, because that’s where the devil is, as we all know.

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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.

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Source: https://dailyfintech.com/2021/04/29/xbrl-news-about-3/

Crowdfunding

Brazil based Fintech Ebanx Appoints Company Co-Founder João Del Valle as New CEO

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João Del Valle, Co-founder at Ebanx, is the new Chief Executive of the firm.

After working as COO for several years, preceded by nearly seven years as company CTO, Del Valle has now taken over the executive leadership of the Fintech firm, which was being led by Co-founder Alphonse Voigt for nearly a decade (since it was established in Curitiba, Brazil).

With this senior management change, Voigt will be serving  as the Head of the Board of Directors, as Executive Chairperson, and Wagner Ruiz, also a company Co-founder, is now the Chief Risk Officer, leaving the CFO role to the newly appointed Alexandre Dinkelmann, the former executive in the Brazil-based BTG Pactual and TOTVS.

As COO, Del Valle led key initiatives for the Fintech firm’s business expansion, like the ensemble of the international commercial team, the deployment of 50 new integrations and payment methods within the firm’s B2B solutions portfolio (last year), and the Push LatAm, a project that aims to establish EBANX business operations in various other Latin American (LatAm) countries, including in Central America and the Caribbean.

Del Valle stated:

“EBANX has a unique story and it will be a privilege to lead this next chapter. Our vision of being the best payment provider in Latin America is growing stronger, and always fueling the urge to innovate. The path we want for EBANX is very clear for the three of us, co-founders: focus on the mission of providing access in Latin America, through technology, speed, consistency and quality of execution.” 

Voigt has been EBANX‘s Chief Executive since the launch of the firm which, during his time as CEO, surpassed the market value of $1 billion, notably becoming the first unicorn in Brazil’s southern region.

Now, as Executive Chairperson, Voigt will be in charge of the firm’s strategic expansion efforts.

Voigt remarked:

“The big dream got even bigger and from now on I take on this new position, helping to envision the next decade of EBANX. And João, our new CEO, is an example of dedication, focus and result orientation. He has a unique capacity to keep the company growing exponentially while projecting our future.”

Alexandre Dinkelmann, who has now been appointed CFO, will continue the work of Wagner Ruiz, who will now be tasked with the firm’s risk management, strategic partnerships and regulatory issues – which are all key in driving the growth of EBANX.

Ruiz added:

“Alexandre’s arrival brings us even more robustness, capacity and talent to maintain the pace of growth and adapt our financial sector to the new moment that EBANX will experience.”

Dickelmann brings his extensive experience working as CFO at TOTVS and Even Incorporadora, along with his previous experience at BTG Pactual and also his role as a Co-founder of the Onyo platform.

The new EBANX senior management team aims to consolidate the company as a key payments service provider in Latin America.

EBANX will further expand its operations that have provided access to over 70 million Latin American consumers to the biggest global brands, like Uber, Spotify, AliExpress and SHEIN.

Del Valle also mentioned:

“These changes arrive in line with our goals for the next decade. Our success depends on the success of customers in the region and this is our focus. We remain even stronger and more structured to establish the leadership of Latin America in the global market and the leadership of EBANX in the world of payments and technology.” 

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Source: https://www.crowdfundinsider.com/2021/05/175105-brazil-based-fintech-ebanx-appoints-company-co-founder-joao-del-valle-as-new-ceo/

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Payments

Ebanx appoints João Del Valle CEO

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João Del Valle, co-founder of Ebanx, is the new CEO of the company. After more than three years as COO, preceded by almost seven as CTO, he takes over the executive leadership of the fintech, which has been led by co-founder Alphonse Voigt for the past nine years, since its founding in Curitiba, Brazil.

With the change, Voigt will now be the head of the Board of Directors, as Executive Chairman, and Wagner Ruiz, also a co-founder, becomes Chief Risk Officer, leaving the CFO position to the newly hired Alexandre Dinkelmann, former executive in the Brazilian BTG Pactual and TOTVS.

As Chief Operations Officer (COO), Del Valle led important projects for the fintech’s expansion, such as the ensemble of the global commercial team, the launch of 50 new integrations and payment methods within the company’s B2B solutions portfolio only in 2020, and the Push LatAm, an initiative that is taking EBANX operations to new Latin American countries, including in Central America and the Caribbean. “EBANX has a unique story and it will be a privilege to lead this next chapter. Our vision of being the best payment provider in Latin America is growing stronger, and always fueling the urge to innovate. The path we want for EBANX is very clear for the three of us, co-founders: focus on the mission of providing access in Latin America, through technology, speed, consistency and quality of execution,” said Del Valle.

Voigt has been EBANX’s CEO since the creation of the company which, during his tenure, exceeded the market value of USD 1 billion, becoming the first unicorn in the southern region of Brazil. Now, as Executive Chairman, he will lead the company’s strategic expansion. “The big dream got even bigger and from now on I take on this new position, helping to envision the next decade of EBANX. And João, our new CEO, is an example of dedication, focus and result orientation. He has a unique capacity to keep the company growing exponentially while projecting our future,” said Voigt.

Alexandre Dinkelmann, who takes on the position of Chief Financial Officer, will continue the work of Wagner Ruiz, who will now be focused on the company’s risk management, strategic partnerships and regulatory operation, essential pillars in the growth of EBANX. “Alexandre’s arrival brings us even more robustness, capacity and talent to maintain the pace of growth and adapt our financial sector to the new moment that EBANX will experience,” said Ruiz. Dickelmann brings in his experience as CFO at TOTVS and Even Incorporadora, as well as a stint at BTG Pactual and his role as a co-founder of the Onyo platform.

The new EBANX leadership has the mission of consolidating the company as the payments leader in Latin America, and to continue to expand the operations that have already given access to more than 70 million Latin American consumers to some of the largest global brands, such as Uber, Spotify, AliExpress and SHEIN. “These changes arrive in line with our goals for the next decade. Our success depends on the success of customers in the region and this is our focus. We remain even stronger and more structured to establish the leadership of Latin America in the global market and the leadership of EBANX in the world of payments and technology,” concluded Del Valle. 

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Source: https://www.finextra.com/pressarticle/87515/ebanx-appoints-joo-del-valle-ceo?utm_medium=rssfinextra&utm_source=finextrafeed

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Payments

Tipalti expands ERP integrations

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Tipalti, the leading global payables automation platform, has announced that it can now integrate with any Enterprise Resource Planning (ERP) system.

Notable ERP integrations include Microsoft Dynamics 365 Business Central, Microsoft Dynamics NAV, Microsoft Dynamics GP, QuickBooks Desktop, Xero, Sage 50, Sage 100, Sage X3, Sage 300, SAP Business One, SAP Business ByDesign and Acumatica, opening up scalable, global and modern AP automation capabilities to a much larger number of high-velocity businesses.

Tipalti offers a highly configurable integration that automatically syncs invoices and invoice payment data between a company’s ERP system and the Tipalti platform, with minimal IT effort. Tipalti’s world-class integration capabilities, advanced technology, and intuitive interface smartly and efficiently manage the lifecycle of vendor bills and payments.

“Integrating Tipalti’s AP solution with ERP systems let’s organizations achieve better automation by validating invoices against supplier information, ensuring that general ledger coding, including department, class and location syncs with the ERP system for faster payment reconciliation and financial close,” said Kevin Permenter, Research Manager, Enterprise Applications at IDC.

“This new ERP integration capability from Tipalti exposes their modern AP automation capabilities to a much larger segment of fast-growing mid-market businesses.”

“An ERP system is one of a company’s most valuable business investments and payables departments need to have an integrated philosophy that encompasses the entire end-to-end process,” said Roby Baruch, Chief Product Officer at Tipalti. “We’re excited to be open for integration with any ERP system, making scalable, modern payables capabilities accessible to every company.”

Tipalti previously had offered ERP integrations with Oracle NetSuite, QuickBooks Online, and Sage Intacct.  

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Source: https://www.finextra.com/pressarticle/87514/tipalti-expands-erp-integrations?utm_medium=rssfinextra&utm_source=finextrafeed

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Former LSE chief Rolet preps fintech Spac – Bloomberg

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Former London Stock Exchange CEO Xavier Rolet is planning to get in on the fintech Spac frenzy by launching his own $300 million blank cheque company, according to Bloomberg.

The US-listed special purpose acquisition company that would target investments in fintech and quantum computing firms could be unveiled within days, say Bloomberg, citing sources.

In recent months, Spac deals have become the go-to method for fintech players in America looking to go public, with MoneyLion, eToro, Payoneer and SoFi among those to have gone down the route. In the first three months of 2021 alone, 143 Spacs raised c$43bn in the US, according to data from Refinitiv.

In February, Rolet – who left the LSE in 2017 – signalled his support for the still-controversial strategy, calling on his former employer to get in on the boom in a paper urging the UK to revisit its Spac rules.

“The UK needs to promptly consider the Spac revolution,” wrote Rolet. “Whilst there are significant differences between our markets and those in the US, the appetite for permanent listed capital on the part of ambitious UK and European entrepreneurs and innovators is no less than that of their American counterparts: ask the management teams at Spotify or Markit.

“Spacs represent a financial instrument that should not be overlooked and where agility could realise considerable benefits to credible British and European entrepreneurs and dealmakers.”

The former LSE chief is also already on the board of another blank-check company, Golden Falcon Acquisition Corp, led by ex-Barclays banker Makram Azar, which raised $345 million in December, says Bloomberg.

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Source: https://www.finextra.com/newsarticle/38009/former-lse-chief-rolet-preps-fintech-spac—bloomberg?utm_medium=rssfinextra&utm_source=finextrafeed

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