In keeping with its current work on mapping XBRL to ISO standards for corporate actions, Swift’s Americas CEO and global head of securities, Chris Church, has joined the board of directors for XBRL US. Church says his participation on the board of the non-profit consortium for XML business reporting standards reaffirms Swift’s commitment to the work it is carrying out with XBRL and the Depository Trust & Clearing Corporation (DTCC).
The board of directors provides oversight to XBRL US, which is responsible for developing the dictionary of reporting elements in XBRL format. XBRL itself is used by the business information supply chain to prepare, publish, exchange and analyse financial statements and the information they contain.
Swift hopes to play a key role in providing technical and business expertise for standards development and extending the reach of XBRL standards formats through its community. Church explains: “The work XBRL US does in facilitating the reporting of public company filings, combined with Swift’s expertise and presence in the financial sector, will substantially increase automation in activities such as corporate actions, financial disclosure filings and accounting reports.”
Mark Bolgiano, president and CEO of XBRL US, hopes Swift’s participation will extend its adoption in the market and Church’s experience will provide insight into the development of new tools and dictionaries of terms for XBRL reporting.
Church joined Swift in August 2008 from rival network provider BT Global Financial Services, where he served as managing director of Radianz Services for approximately two years. He was part of the executive team that founded Radianz in 2000, taking on the role of head of global sales and marketing, until its acquisition by BT in 2005.