In order to solve these impediments, in early 2004, the Securities and Exchange Commission (SEC) recognized the untapped potential of eXtensible Business Reporting Language (XBRL)—an XML based format developed specifically for collecting organized and well defined data. Over the past decade XBRL has evolved to become the global standard for collecting clean, consistent, and complete financial data. Embracing this global standard by developing a multilingual, eSignature-ready Data Collection and Analytics Framework to provide banking organizations with pre-validated, consistent, accurate financials and better oversight is Toronto, Canada based SQL Power Group.
Over the years, SQL Power has evolved into a global software firm and a risk and compliance visionary. From designing complex financial online forms and workflows right through to proactive real-time Analytics, SQL Power works closely with Financial organizations across the globe to manage every aspect of their information supply chain. The company’s platform—the XBRL Power Suite, enables Financial Institutions to collect clean and consistent financial data (not PDF’s) from borrowers. The platform’s end-to-end rules-based architecture enables banks to easily define their data collection, workflow and business rules needs (the taxonomy) and publish it to the rest of the system to enable real-time data validation prior to submission.
SQL Power’s system is dynamic and enables the collection of any data (both financial and non-financial). The system’s primary strength is its Designer facility, which serves as command control for the entire system. Data collection or Business rule changes made in Designer are cascaded throughout the system without needing to make any further
We intend to make a significant difference in how banks collect and consume data
So how can this dynamic platform help banks around the world? SQL Power’s robust end-to-end Data Collection and Analytics platform can be used to collect complex and varied financial data (not PDF’s) from borrowers on regular intervals. This data is then automatically loaded into the SQL Power Analytics platform (which comes bundled with MicroStrategy) within 30 seconds of a borrower submission, and sophisticated BI processes then kick in to proactively alert Financial Analysts or Bank Managers whenever a key ratio falls below expectations or whenever the company’s financial metrics have deteriorated from previous periods.
The full power of MicroStrategy can be used to develop very sophisticated Business Intelligence reports, dashboards and predictive models (both for the Web and Mobile devices) to give banks a true competitive edge and deliver to their analysts just in time analytics and intelligence on a particular borrower, a sector or the market as a whole.
By providing the best and most comprehensive platform for risk and compliance worldwide, the company now plans to deploy their platform in other sectors. “The flexibility in our platform can be used to automate business functions for an entire bank (and its divisions, including Commercial lending and Capital Markets), and we intend to make a significant difference in how banks collect and consume data,” concludes Selim.