Monday, September 27, 2004

.: UBmatrix - Technologies and integrated solutions enabling automated data exchange, validation

The Federal Deposit Insurance Corp., the agency that insures banks, is a customer. Every quarter, FDIC member banks send financial statements to the FDIC. The agency spends 60 to 75 days every quarter manually inputting data and performing audit checks. With the UBmatrix approach, the process now can take 10 days. Blackstone said that when the program goes fully live next year, it will take just one day.

Smaller scale: Companies can also buy software from UBmatrix that makes it easier to gather data that complies with GAAP, or generally accepted accounting principles, which public companies use to report financial performance.

Accounting rules: UBmatrix tools can make it easier for companies to comply with the Sarbanes-Oxley Act, which requires companies to use methods that ensure data can be audited at a certain level.

UBmatrix - Technologies and integrated solutions enabling automated data exchange, validation & analysis

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