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XBRL News for investors, Australia, and data quality

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

1 Investor Forum 2020: Ready for anything

Periods of crisis demand access to high quality, consistent, timely data, as the oil that keeps the cogs in our economic machine running. This half-day forum addresses how standards have been used to manage investment risk; and how they can and should be leveraged further, to plan for future crises. This year’s program will also feature practical, real world examples, of how individual and professional analysts can use XBRL data in their investment process. Post-conference, attendees will be invited to deep-dive training webinars on tools to access free, timely, granular, XBRL data.

This item alone would be worth all three item slots, as it covers the presentations from XBRL US’s investor forum. Speakers include an SEC commissioner and representatives from Morgan Stanley and CFA Institute. You can even find out how to get your hands dirty, metaphorically speaking, of course.

2 Digital reporting: the way forward for financial reports

When it comes to financial reporting, the Portable Document Format (PDF) has many advantages, but flexibility is not one of them. Retrieving data from PDF documents for analysis can be a slow process, for both internal and external users of financial information. In the US and several other jurisdictions, financial reporting has moved into the digital era. But Australian companies have yet to go down that path.

Down under has been notably absent from these columns, and with good reason: Just like the land of cheese and watches, it does not know an XBRL mandate. But perhaps not for too much longer, as this overview article posits.

3 ESMA’s new powers put to use on data quality

Revised regulation recently gave the European Securities and Markets Authority (ESMA) some new so-called “convergence” powers to identify and co-ordinate supervisory priorities in response to key risks across the Union. This coming year, ESMA has identified market data quality as one of its Union Strategic Priority.

Numerous digitalisation efforts at the EU level are all pushing in the same direction, not just in financial markets. But in that domain, a lack of focus on quality will become evident in the fastest way possible.

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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.

Source: https://dailyfintech.com/2020/11/26/xbrl-news-6/

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Perenna raises $10m to bring fixed for life mortgages to the UK

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London-based fintech Perenna has raised $10 million to back its plans to obtain a banking licence and bring “fixed for life mortgages” to the UK housing market this summer.

The round was joined by former Deutsche Bank head of structured product syndicate and MD Kevin Flaherty, Capdesk founder Casper Arboll, and Star Capital managing partner Tony Mallin, among others.

Taking inspiration from the Danish mortgage model, Perenna is building a lender which will use long-term covered bonds to finance its products.

This, says the startup, means it means will be able to issue 30-year fixed-rate mortgages at highly competitive rates, while giving customers the flexibility to port their mortgage should they want to move and offering early repayment charges that only cover the first five years of the product.

Products will be available to borrowers ranging from first-time buyers, who can take out a mortgage with as little as a five per cent deposit, to those who want to move or take out a mortgage in later life.

Arjan Verbeek, CEO, Perenna, says: “This latest investment is a powerful vote of confidence from a high quality investor consortium in Perenna’s proposition. It puts us on target to launch our innovative range of long-term fixed-rate products, which we really believe could transform the UK mortgage market for consumers, allowing them to borrow what they can actually afford and creating a nation of happy homeowners.”

Source: https://www.finextra.com/newsarticle/37292/perenna-raises-10m-to-bring-fixed-for-life-mortgages-to-the-uk?utm_medium=rssfinextra&utm_source=finextrafeed

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BlackRock boosts sustainability analytics with stake in Clarity AI

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BlackRock has taken a minority stake in Clarity AI, a Spanish fintech firm that uses machine learning and big data to help investors understand the sociatel impact of their investment portfolios.

Founded in 2017, Clarity AI has offices in the US, UK and Spain and a client network with over $10 trillian assets under management (AUM). The company’s proprietary tech platform performs sustainability assessments covering more than 30,000 companies, 198 countries, 187 local governments and over 200,000 funds.

BlackRock says it will integrate Clarity AI’s capabilities with Aladdin, its end-to-end operating system for investment professionals.

Mary-Catherine Lader, head of Aladdin sustainability at BlackRock, says: “As BlackRock makes sustainability its standard for investing, we are committed to raising the standards for ESG data and technology. We’re investing in new analytics and software in Aladdin and are also integrating capabilities from strategic partners like Clarity AI so clients can understand their investments’ social and environmental impact and risks. Clarity AI’s capabilities use machine learning to help Aladdin clients analyse a broader universe of companies, address their disclosure obligations and build more sustainable portfolios.”

BlackRock’s Aladdin platform last year added 1,200 sustainability metrics and established data partnerships to help investors understand ESG and physical climate risks and opportunities.

The firm also recently unveiled Aladdin Climate, which helps investors understand and act on climate risk. It is the first software application to offer investors measures of both the physical risk of climate change and the transition risk to a low-carbon economy on portfolios.

BlackRock’s interest in Clarity AI comes just two months after the firm secured a $15 million funding round led by Deutsche Börse.

The terms of the BlackRock transaction were not disclosed.

Source: https://www.finextra.com/newsarticle/37291/blackrock-boosts-sustainability-analytics-with-stake-in-clarity-ai?utm_medium=rssfinextra&utm_source=finextrafeed

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Konsentus acquires Open Banking Europe

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Konsentus has acquired Open Banking Europe, the operator of a centralised PSD2 directory supporting bank data sharing initiatives, from EBA Clearing subsidiary Preta.

Launched in June 2017 with the backing of 40 banks and tech firms, Open Banking Europe was formed to address regulatory concerns about the interoperability of bank data sharing initiatives under PSD2.

The PSD2 Directory meets the need of third-party providers (TPPs) and account-servicing payment service providers (ASPSPs) for a repository storing all key information on bank APIs in one single place. It provides information on banks and brands, developer portals, end points and other information about the APIs, such as security and standardisation options and is currently accessed by over 500 financial institution across Europe.

Alongside the Directory, OBE also provides its members with a collaborative environment to identify market issues and problems, and to offer guidance, standards and tools. In May last year, it published a draft API signature specification, as part of an attempt to provide a coherent standard for fintechs connecting to bank APIs.

The business sits snugly within the Konsentus operating model, which provides an SaaS-based platform for the identity and regulatory checking services needed by banks and others so that they can comply with PSD2 and open banking. Backed by Mastercard, the company closed a multi-million funding round in Septmber.

Under Konsentus, OBE will remain a separate operating entity which will continue to be led by managing director John Broxis.

Giorgio Ferrero, Preta comments: “We identified the need for Open Banking Europe to grow beyond its incubation stage and move to the next level in an accelerated manner. With their global expansion plans, product pipeline and fast-growing partner and customer base, Konsentus is well-placed to pursue the initial ambition for OBE Europe to boost safe and secure Open Banking globally.”

Source: https://www.finextra.com/newsarticle/37290/konsentus-acquires-open-banking-europe?utm_medium=rssfinextra&utm_source=finextrafeed

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Tide prepares for Indian launch

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UK business banking platform Tide is embarking on international expansion, beginning with a limited test launch in India in the first quarter of 2021.

Founded in 2015, Tide has nearly 300,000 SME members and almost 340,000 business accounts in the UK, processing £10bn in transactions with revenue growth of 150%.

Tide has a long-term ambition to operate in markets accounting for 25% of global SMEs and India is seen as an ideal testbed, with over 63 million SMEs.

The business will be led by newly appointed CEO, Gurjodhpal Singh, formerly of local payments processor, PayU.

Tide already operates a technology centre in Hyderabad, India, and has a team approaching 100 people, predominantly software developers, working in the country.

Gurjodhpal will work to expand this team to deliver the launch, supported by Tide CEO, Oliver Prill and CTO, Guy Duncan.

Says Prill: says: “India was selected as our first market outside the UK due to its vast SME population With investment and the expertise Tide already has in the country, we can help underserved SMEs thrive.”

The company is shuffling its leadership team to support its expansion plans, appointing chief operating officer and product officer Laurence Krieger as UK CEO.

Source: https://www.finextra.com/newsarticle/37289/tide-prepares-for-indian-launch?utm_medium=rssfinextra&utm_source=finextrafeed

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