How good is the reporting from DataTracks
DataTracks, the right ESEF reporting partner to get customers across the line without any problems
AMSTERDAM, Jan. - By using its state-of-the-art DataTracks Rainbow Disclosure Management System (DMS), DataTracks, a leading global provider of cloud-based software for compliance reporting, successfully helped listed top companies comply with the requirements of the European Single Electronic Format ( ESEF).
According to the ESEF mandate, listed companies in the EU must submit their annual financial reports in xHTML format with the required XBRL tags (iXBRL). While there are several solutions available in the market, listed companies in the EU are looking for solutions that will allow them to publish their xHTML documents (with or without XBRL tags) in rich design. To meet this unique need, DataTracks has upgraded its DataTracks Rainbow DMS. This is a collaborative platform from a single source that fulfills several regulations such as SEC, ESMA, etc. With this upgrade, DataTracks Rainbow accepts the rich design PDF as input and enables users to process XBRL tagging if necessary and to generate xHTML output while maintaining the same rich design layout.
DataTracks Rainbow's key customers include Nova Ljubljanska Banka d.d (NLB Group), one of the largest banking and finance groups in Slovenia, and the Triglav Group, an award-winning leading insurance and finance group in Southeastern Europe. Slovenia is one of the few member states that has not postponed the mandate, which is why it is important for listed companies to meet the submission deadline.
Barbara Dezelak, Deputy General Director of Financial Accounting at Nova Ljubljanska Banka d.d. said: "DataTracks stood out from other providers of the ESEF solution due to the technical solution that was right for us off the peg, the many years of experience and the appropriate references and at the same time offered the solution at a competitive price. Provider selection process very accommodating and cooperative. We also had good experiences during our training process. They shared every little detail with us and guided us through the mapping and tagging process. DataTracks has even adapted the application so that it better suits our circumstances and Therefore, the application is user-friendly in all views. One of the greatest advantages of the application is that the design version of the annual report has the same design quality after being tagged in XHTML format, submitted to the regulatory authority and published on the bank's website It has shown itself once again gt that we had chosen an excellent outsourcing partner for the ESEF solution, including ongoing support through the process. We are very satisfied with the performance of DataTracks and look forward to working with us on future projects. "
Tina Cvar, Triglav Corporate Accounting Director, said: "In accordance with EU and local regulatory requirements, we had to prepare our annual report for 2020 in ESEF format for the first time. In the preparation phase, our focus was primarily on the selection of a user-friendly and easy-to-use solution in order to increase transparency and the The introduction of the Rainbow solution from DataTracks for ESEF convinced us as a total package of functionality, technical requirements, intuitive operation and support from their experts. Later, during the implementation, it turned out that our selection was very good. The DataTracks team provided us with effective training and walked us through the entire tagging process. Most of all, I was impressed with the level of service and responsiveness during the submission period. The DataTracks team was there to resolve any issues , regardless of the most impossible times! Your commitment was exceptional I! We look forward to working with such a dedicated team of experts! "
Pramodh Vittal, VP - Product Management, said: "We are very pleased to work with many leading companies in the EU and through this collaboration to offer ESEF solutions is a testament to our product and service offering for the European market. DataTracks has proven to be a trustworthy ESEF provider."
He added: "The DataTracks Rainbow DMS solution for ESEF is characterized by high data quality and a two-stage validation process that enables seamless implementation. In addition, our customers and their reviewers can use the Online Reviewers Guide (ORG) to review the documents seamlessly and with a complete audit trail and post the final viewer version with highlighted tags on their websites for investors to benefit from. "
With the creation of more than 195,000 compliance reports for over 19,400 customers in 26 countries, DataTracks has pioneered the provision of disclosure management and regulatory compliance solutions. Along with the Rainbow and other compliance solutions, DataTracks also offers an Online Reviewers Guide (ORG) through which reviewers can review, collaborate and comment on the iXBRL document online. The ORG can compare the latest version with previous reports and also helps the creators to pass the highlighted document on to the reviewers for approval. In addition, DataTracks currently holds a large ESEF market share in Slovenia, where it is mandatory for 2021. DataTracks also assists clients from different parts of Europe and the UK with voluntary submission, for which the service provider has rolled out a preparation program that encourages clients to switch to ESEF early and become familiar with the process and the nuances involved in preparing in a timely manner linked to the ESEF mandate.
For more information, please visit our website at https://www.datatracks.eu/en/.
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