According to parent of everis - NTT DATA has secured a place in the Bank of England’s (BoE) highly regarded FinTech Accelerator programme. In partnership with German start-up Reportix, NTT DATA is investigating the power and potential of effective data analysis and visualisation for the BoE. NTT DATA is just one of the companies chosen to showcase their expertise with emerging technologies and tackle the technological challenges facing the UK’s central bank, responsible for policy, regulation and operators.

NTT DATA and Reportix are exploring ways to store, organise and combine the Bank’s regulatory and analytical data in a more flexible way, based on the XBRL standard.

In parallel to this JWG's RegTech Special Interest Group for Reporting and Reference Data (RRDS) is looking at alternative approaches to the challenges of collecting and reporting masses of data. They claim that there were approximately 65 billion reports received by Trade Repositories by the end of 2017...  'Among the data technologies that have been reviewed during RRDS as having the best potential to facilitate trust models between market participants who may not, for political, organisational, legal or operational reasons, wish to share the data itself, distributed ledger technology (DLT) constituted the most promising. Several institutions, including the European Central Bank (ECB), recognise that it could be used to provide market participants, including investment firms, trading venues, reporting infrastructure and data firms, with a secure and trusted rule-set, as well as the virtualisation of assets on custom stock exchanges, proxy voting systems and real-time gross reporting.'

The attached article highlights alternative approaches suggested by JWG. The interesting thing is whether there can be more than one approach and whether the combination, on XBRL, DLT and the use of trust models and a better structured approach using semantics led by companies, or consortia with the support of the regulators could be the best answer?