Invoke and XediX announce launch of the very first, ground-breaking full-web application platform that allows the production, storage and analysis of XBRL financial data. Only platform capable of dealing with the entire XBRL data-processing chain in a generic way. A strong reminder of the innovation dynamic of the sector
During the international summit held in Rome last April, which gathered XBRL specialists from around the world (regulators, software vendors, consulting firms), software providers Invoke and Xedix made their technological partnership official. This partnership was born after a meeting of minds of two French companies at the forefront of innovation in their respective domains: Invoke, a financial reporting specialist and XediX, a pioneer in XBRL databases.
A non-structured XML storage system for a full-web exploitation of XBRL data
It took the complementary strengths of these two experts to come up with a software solution that combines:
• full-web XBRL tools allowing the visualisation and input of XBRL data within a human-readable format (i.e. through the Invoke XBRL web spreadsheet),
• a non-structured XBRL storage model allowing the native integration of XBRL data and the inquiry of the stored data within amazingly fast response times. All possible analytical criteria can be combined to query the data (multi-dimensional analyses: multi-entities, multi-periods, multi-taxonomies, etc...), offering users an extraordinary amount of flexibility.
« The integration of our XBRL software suite with XediX XBRL server, which was originally developed by the CEA*, turns the XBRL standard into an easy-to-implement reality : from now on, we are able to propose a standard solution for the conception of online filing and analysis portals. To give you an example: in just two clicks, you can display in tables the result of complex queries performed on very large amounts of data. It’s an operation which would have normally taken several hours of processing, » explains Stephane Allez, Invoke’s COO.
A fully evolving generic solution
Current storage systems on the market first have to transform the XBRL data into a proprietary data model (which depends on the used taxonomy) for them to even be able to query the data. This requires them to constantly maintain a perfect match between the XBRL taxonomy on one hand, and the storage data model on the other hand. The slightest change in or the addition of a new taxonomy demands further, quite fundamental alterations of the database model.
Taking the opposite approach, Invoke and XediX decided to play the card of genericity : natively XBRL, full-web and independent of the used taxonomies, our platform is the only one hitherto capable of dealing with the entire XBRL data processing chain. In terms of software maintenance, the platform is fully capable of evolving and doesn’t require any specific developments to adapt to taxonomies.
« The combination of our XBRL server with Invoke’s XBRL reporting tools proves that is possible to break free from the exploitation constraints implied by the evolution of the XBRL standard and its associated referentials. Standard support of taxonomies allows the elimination of recurring demands for specific developments currently faced in XBRL projects, » points out Pascal Ruby, XediX CEO.
* CEA: French Atom Research Organisation