London, UK, 21 September, 2005 - CityCompass Research, the specialist independent research company in the European financial services sector, today announced that Fujitsu is the leading XBRL (eXtensible Business Reporting Language) vendor, as judged by leading XRBL experts in the financial industryâs first XBRL benchmarking tests.
The B.I.S.S benchmarking evaluates technologies against the business objectives of financial firms, rather than focusing purely on a productâs technology capabilities. Therefore, the XBRL benchmark tests provide banks, and other financial institutions, with a valuable yardstick to match their own needs for electronic reporting against vendor offerings.
With the financial industry undergoing unprecedented change, driven by MiFID (The Directive on Markets in Financial Institutions) and Sarbanes Oxley legislations, XBRL is fast becoming the industry standard to enable financial institutions to meet and manage compulsory reporting requirements.
"We offered every vendor with an XBRL solution the opportunity to participate in this public industry benchmarking, however, Fujitsu was the only vendor that had total confidence in its product to take part," said Gary Wright managing director of CityCompass and founder of business benchmarking.
"The benchmarking illustrated that Fujitsu is the clear market leader in XBRL, with product superiority, coupled with a deep appreciation of the business values of XBRL," he continued. "I congratulate them on achieving the Gold B.I.S.S Award and can with confidence recommend them to the European financial market."
"We are thrilled with our leadership ranking achieved through the comprehensive B.I.S.S benchmarking tests, and it is further testament that Fujitsu has the best XBRL solution for financial firms," said Raymond Buchan, European director of marketing and business development, Fujitsu Software Corporation. "With XBRL adoption poised to take off across the globe, Fujitsu is well positioned to continue delivering a proven solution to financial institutions."