SOURCE: UBmatrix, Inc.

November 13, 2007 10:49 ET

UBmatrix, Inc. and FAonDemand Generate XBRL Documents From Oracle Applications

PALO ALTO, CA and SUNNYVALE, CA--(Marketwire - November 13, 2007) - UBmatrix, Inc., the leading provider of XBRL information exchange solutions, and FAonDemand, a provider of business process and IT services, announced today at Oracle Open World that the companies have demonstrated the generation of XBRL reporting documents from Oracle Applications.

XBRL, or Extensible Business Reporting Language, is fast becoming the standard for the exchange, management and reporting of financial information and data, accelerated by the adoption of XBRL as the standard by leading regulatory organizations around the world. Both the U.S. FDIC and the European Union Supervisory Banks, under Basel II, have adopted XBRL as the standard for reporting for member banks, and the U.S. Securities and Exchange Commission has set the stage for an XBRL reporting standard with a pilot XBRL reporting program and establishment of an Office of Interactive Data at the SEC.

"XBRL reporting and exchange functionality is becoming essential to every financial information application on the market," said Ravi Ravichandran, Chief Executive Officer of FAonDemand. "FAonDemand is partnering with UBmatrix, the experts in XBRL software and services, to provide consulting and delivery services for XBRL solutions. Generating XBRL reporting documents from Oracle financial applications will become a requirement at both public and private companies, and FAonDemand and UBmatrix are leading the way in bringing this capability to market."

Organizations of all sizes spend excessive amounts of time and money collecting, validating, aggregating, reporting, and exchanging financial data and information for regulatory filings, financial reports, budgets, and forecasts. And with increasing regulatory and compliance demands, the amount of information collected and exchanged is growing exponentially.

Today, this is typically accomplished through a series of ad-hoc processes. Solutions range from custom point-to-point software between applications to excel spreadsheets, and even the exchange of Word documents, text files or re-keying of data from disparate systems. XBRL allows companies to more efficiently and effectively generate, aggregate, validate, exchange and analyze business and financial information

UBmatrix and FAonDemand have partnered to provide consulting and services for XBRL solutions. With extensive enterprise applications experience and a focus on the financial operations, FAonDemand has developed the expertise to build extensible XBRL taxanomies and expedite the implementation and adoption of XBRL solutions. Using a rapid implementation methodology, the companies can enable improved reporting and regulatory compliance with XBRL, delivering a quick return on investment for customers.

"From Deloitte in Australia, to Wolters Kluwer in Italy, to Banque de France and the FDIC in the US, UBmatrix is working with companies and organizations around the world to build the taxonomies and solutions that drive efficient XBRL reporting and information exchange. Our work with FAonDemand and Oracle will go a long way in extending the availability of XBRL solutions to companies globally," said Steve Levine, Chief Marketing Officer, UBmatrix, Inc.

UBmatrix is also working with Oracle to provide enterprise class storage for XBRL on Oracle® Database. Rapid growth in use of XBRL is demanding a data storage solution specifically supported for XBRL. To address this, Oracle has optimized XML DB in Oracle Database 10g for storage of XBRL data. UBmatrix, a member of the Oracle PartnerNetwork, has also worked closely with Oracle to ensure its applications achieve peak performance when operating on Oracle. The UBmatrix Enterprise Application Suite, an XBRL-enabled taxonomy and reporting management platform, use the XML capabilities of Oracle Database to store XBRL documents in a highly scalable manner.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting. XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the SEC, FDIC and the European Central Banks. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and regulatory compliance. UBmatrix is based in Silicon Valley with development centers in Kirkland, WA, and New Delhi, India. For further information, visit www.ubmatrix.com

About FAonDemand

FAonDemand® provides integrated Business Process (BP) and Information Technology (IT) services in areas of Finance & Accounting, OnDemand (SaaS) Applications and Information Technology. It specializes in applications such as Oracle, Salesforce.com, NetSuite, UBmatrix, Business Objects (NSite, Crystal Reports, Business Intelligence On Demand), and Adaptive Planning. With the industry best practices and an onsite, onshore and offshore blended, On Demand, services model, FAonDemand has delivered significant (30-50%) and sustainable savings to its customers. For more information, visit www.faondemand.com.

Contact Information

  • For further information, contact:

    Dan Cahill
    (415) 552-3999 Office
    (917) 617-0106 Mobile
    Email Contact