AMSTERDAM, May 6, 2021 /PRNewswire/ — By leveraging its state-of-the-art DataTracks Rainbow Disclosure Management System (DMS), DataTracks, a global leader in providing cloud-based compliance reporting software, has successfully helped top listed companies comply with filings under European Single Electronic Format (ESEF) in the Q1 2021.
Under the ESEF mandate, listed companies in the EU have to submit their annual financial reports in xHTML format with requisite XBRL tags (iXBRL). While several solutions are available in the market, listed companies in the EU are looking for solutions that enable them to publish their xHTML (with or without XBRL tags) documents in rich design. To suit this unique need, DataTracks upgraded its DataTracks Rainbow DMS, which is a single source collaborative platform catering to multiple regulations such as SEC, ESMA, etc. With this upgrade, DataTracks Rainbow will accept the rich design PDF as an input, allowing users to process XBRL tagging if necessary and generate xHTML output by retaining the same rich design layout.
Major DataTracks Rainbow customers include Nova Ljubljanska Banka d.d (NLB Group), one of the largest banking and financial groups in Slovenia, and Triglav Group, an award-winning leading insurance-financial group in South-East Europe. Slovenia is one among the few member states that did not postpone the mandate, making it important for the listed companies to comply with the filing deadline.
Barbara Deželak, Deputy General Manager of Financial Accounting of Nova Ljubljanska Banka d.d. said: “DataTracks stood out from other providers of ESEF solution for its off-the-shelf technical solution that suits us, many years of experience, and suitable references, while at the same time providing the solution at a competitive price. DataTracks has been very responsive and cooperative throughout the entire time of the ESEF vendor selection process. Good experiences kept going at the time of our training process. They shared with us every little detail and guided us through the mapping and tagging process. DataTracks even adjusted the application to suit better to our specifics and needs. Therefore, the application is in all views user-friendly. One of the most advantages of the application is also that the design version of the annual report maintains the same design quality after tagging in XHTML format, filing with the regulator, and publishing it on the bank’s website. Once again, it turned out that we had chosen an excellent outsourcing partner for the ESEF solution, including their constant support through the process. We are very satisfied with DataTracks services and are looking forward to working with them in our future projects.”
Tina Cvar, Corporate Accounting Director of Triglav, said: According to EU and local regulatory requirements, we had to prepare our annual report for 2020 in ESEF format for the first time. During the preparation phase, our focus was primarily on choosing a user-friendly and easy-to-use solution to enhance transparency and simplify our reporting efforts. The introduction of DataTracks’ Rainbow solution for ESEF convinced us as the overall package of functionality, technical requirements, intuitive operation, and support by their experts. Later on, during the implementation, it turned out that our selection was very good. DataTracks team has provided us with effective training, and they guided us through the whole tagging process. But above all, I was impressed by the service level and responsiveness during the filing period. DataTracks team was there for us to solve all the issues, regardless of the impossible hours! Their engagement was extraordinary! We are pleased to be able to work with such a dedicated team of experts!
Pramodh Vittal, VP – Product Management, said: “We are very excited to work with many leading firms in the EU and collaborating with them to provide ESEF solutions is a testament to our product and service offerings for the European market. DataTracks has proved itself to be a trustworthy ESEF provider.”
He further added: “The solution DataTracks Rainbow DMS for ESEF boasts high data quality and a two-stage validation process to provide a seamless implementation. Further, with the addition of the Online Reviewers Guide (ORG), our customers and their auditors can seamlessly review and sign-off on the documents with a full audit trail and publish the final viewer version with tags highlighted in their websites for the benefit of investors.”
Having prepared 195,000+ compliance reports to over 19,400 clients across 26 nations, DataTracks has become a pioneer in providing disclosure management and regulatory compliance solution. Along with the Rainbow and other compliance solutions, DataTracks is also offering an Online Reviewers Guide (ORG) through which the auditors can review, collaborate, and discuss the iXBRL document online through commenting. The ORG can compare the latest version with past reports and also helps preparers share the tagged document to reviewers for approval. Furthermore, DataTracks currently holds a major ESEF market share in Slovenia, where it is mandated for 2021. DataTracks is also supporting customers from various parts of Europe and the UK to do voluntary filing, for which the service provider has rolled out a preparatory program, encouraging the clients to transition to ESEF early on and get accustomed to the process and nuances involved in preparing for the ESEF mandate well in time.
For more information, please visit our website at https://www.datatracks.eu/en/.