There is increasing interest in granular data from financial regulators worldwide. There is also an increasing use of structured data using XBRL taxonomies within very large data collections, including inside enterprises. Combined, these new developments mean that our standards need to provide new ways to exchange information in highly efficient ways.
The SEC’S Chief Economist and Director, S.P. Kothari, made a speech this summer highlighting how standardisation can help tackle the challenges presented by big data. While big data is certainly not a new concept, the digital era has accelerated data collection immensely, with some estimates indicating that the world now generates more data every two days than all of […]
The Danish Business Authority, one of Early Warning Europe’s 15 partners has developed a machine learning tool that uses publicly available accounting data to identify companies in financial distress.
In a series of articles on Forbes discussing the influence of technology on municipal governments and the municipal bond market Barnet Sherman has highlighted the positive effects of data analytics. Technology and data are driving a push for evidence-based policy in municipal governments. Big data analytics is being looked to for better planning and execution, […]
An article by Robin Wigglesworth in the Financial Times this week calls out the fact that if governments don’t ensure they have access to new, useful sources of alternative data, policymakers risk being left in the dark in an increasingly data-rich world.
The UK’s Office for National Statistics (ONS) is utilising novel forms of data to make more timely predictions about the UK economy. The ONS has shown how taking advantage of new technologies can offer a chance to get much quicker signals of change in the economy. The Faster Indicators of UK Economic Activity project released its […]
Managing access to personal data is a central question in many aspects of the global economy and at the forefront of many debates on a host of issues. Not least in payments.
Europe is pushing in two directions on payments infrastructure: making it easier to access, while strictly restricting access to authorised entities. The “Payments Services Directive (PSD2)” is opening up access to authorised groups, through Open Banking APIs. At the same time, the privacy provisions that define who can access what have been greatly tightened. Confused? Well, this week the European Banking Authority launched its central register of the thousands of payment and electronic money institutions operating under PSD2. Perhaps it might help.
The European Banking Association (EBA… not to be confused with the other one) have published a report looking at the opportunities digital technologies are creating for banks. The increased digitisation of finance has been seen as a threat to their dominant role. The rise of open banking, driven by shifting consumer demand, combined with new […]
“An indiscriminate adoption of Big Data runs the risk of collecting – without connecting – too many dots,” argue Luiz Awazu Pereira da Silva, Deputy General Manager of the Bank for International Settlements (BIS), and Goetz von Peter, Principal Economist at the BIS. Their remarks, based on a speech delivered at the Ninth European Central […]
Vast quantities of quality, appropriately shared data is key to developing more efficient financial services that meets the needs of customers in the digital age. How can regulators ensure proper privacy while still ensuring that Fintech firms can access the information they need? A report from ASIFMA this week taps into the growing recognition that collaborative, homogenous regulation and data harmonisation across borders are essential for modern technologies to be properly utilised.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
