Access Data said on Tuesday that it has launched a new format for reporting data to shareholders and regulators, furthering its efforts to improve transparency at the omnibus account level.
Using eXtensible Mark-Up Language (XML), the Pittsburgh-based service provider has established a standardized reporting format across recordkeeping sources. The tagged data format is designed to improve the quality of information from omnibus accounts for reporting to investors, trustees, auditors and regulators, the company said.
"We have now expanded our use of XML technology to establish a standard reporting interface in order to seamlessly integrate and synchronize SalesVision data with the client's internal applications such as CRM, ERP and financial reporting systems," said Dan Cwenar, president and chief operating officer of Access Data.
Data tagging has become increasingly popular as a means for improving the quality of information that can be retrieved, searched and analyzed through an automated process. The SEC is currently urging mutual funds to utilize the Commission's newly launched volunteer program to report key financial information via Microsoft's eXtensible Business Reporting Language (XBRL), a code that enables documents to be filed on EDGAR in a uniform manner.
"Tagged data has the potential to make fund financial information more accessible and useful to investors and their financial advisers," Susan Nash, associate director of the SEC's division of investment management, said recently.