Confluence has announced that they are extending their automated risk/return summary capabilities to include Extensible Business Reporting Language (XBRL).
They aim to enable fund administrators to automate the straight through processing of XBRL data. The application is designed to provide investors with information to help them make better-informed decisions about investing in mutual funds.
The Confluence platform currently includes performance calculation and reporting, shareholder disclosure, compliance reporting, expense management, holdings reporting, third-party surveys, marketing fact sheets and board books.
“Our involvement in the XBRL initiative exemplifies our unwavering commitment to enable our customers to reduce costs, eliminate risk, elevate service levels and increase scalability through business process automation,” says Kirk Botula, an Executive Vice President and Chief Operating Officer at Confluence. “We realise that the real success of XBRL lies in making sure that fund companies and their service providers can tag data accurately and automatically. The key to achieving this goal is to fully automate the process straight through – from the creation and validation of the prospectus data to the creation and delivery of the XBRL filing – thereby ensuring accuracy by delivering verified source data in XBRL.”