May. 14, 2008
NTT DATA Corporation
NTT DATA Corporation has begun providing ZaimonTM as a gateway service for distribution of corporate financial data in XBRL*1 format. The initial service offering is the Zaimon e-Tax Data Receipt Service, allowing financial institutions to receive electronic tax return data submitted by companies, which was filed to the National Tax Agency online tax return filing and tax payment system, known as e-Tax. The financial institutions can then use this data when doing the credit screening for the corporate loan.
The first customer to use the service will be Sumitomo Mitsui Banking Corporation, which has decided to adopt it starting June 2. A number of other financial institutions have also indicated their intention to use the service.
What Is Zaimon?
Zaimon is a one-stop, secure, and highly convenient ASP service supporting the exchange of financial data between corporations and users based on XBRL format. It is aimed at becoming a universal service platform for distribution of corporate financial data.
Two main Zaimon services are to be provided. One is the “Zaimon e-Tax Data Receipt Service” noted above, which makes loan application screening of financial institutions more efficient by utilizing directly received electronic tax return data which corporations filed into e-Tax of the National Tax Agency. The other is “Disclosed Financial Data Acquisition Service”, in which NTT DATA on behalf of users will acquire and process financial data disclosed by companies in XBRL-compliant systems, such as EDINET of the Financial Services Agency and TDnet of the Tokyo Stock Exchange, converting the data to file formats convenient for users and organizing its account items in accord with the user’s account categories.
The e-Tax Data Receipt Service is being launched as the first phase of the Zaimon services, while the Disclosed Financial Data Acquisition Service is due to become available around the end of the current fiscal year ending March 31, 2009.
Overview of the Zaimon e-Tax Data Receipt Service
This service is designed to make the process of examining loan applications more efficient, by enabling the electronic tax returns data submitted by corporations to the National Tax Agency’s e-Tax system to be used as examination data and by linking the received data to the financial analysis systems in each lending institution. Financial institutions are relieved of the burdensome task of manually entering application data submitted in paper form. They are assured of the authenticity of the submitted documents, are able to complete credit screening more quickly, and can achieve higher-quality analysis. Companies that filed tax returns electronically with the National Tax Agency, meanwhile, are spared the trouble of printing out their tax return documents and submitting them to the lending institution.
NTT DATA conducted a field trial of this service from November 12, 2007 to March 31, 2008, with 36 participating financial institutions, aimed at contributing to more efficient corporate and lender operations as well as encouraging greater use of e-Tax electronic filing.
1. Standard service
Companies using the e-Tax Data Receipt Service can issue instructions via the Internet to have their electronic tax return data and certificates of electronic tax payment sent from the e-Tax system to a financial institution. The lender receives the data directly and uses it for credit screening.
Before using the service, companies and financial institutions are required to conclude an agreement on use of the Zaimon gateway service.
- *Standard service use fees: A basic fee and metered charge based on the number of files sent. Volume discounts are available.
2. Optional services
1. Data sending by tax accountants
A proxy sending function is provided to tax accountants, a large percentage of whom currently use e-Tax. Tax accountants can send electronic tax return data to multiple financial institutions with a single log-in, saving them the trouble of printing out data for each company and delivering the printouts to financial institutions.
2. IP-VPN for enhanced security
For financial institutions that require a higher level of security, an IP-VPN can be set up between their data center and the Zaimon center, enabling data exchange in a security environment close to that of a leased circuit. This option adds flexibility in meeting the security policy requirements of individual financial institutions.
3. Automatic data delivery service
A function is offered for automatically delivering the data submitted by corporations to financial institutions at regular intervals. This reduces the burden in financial institutions of checking for and obtaining data from Zaimon. Financial institutions can incorporate the acquired data in their existing systems, for seamless handling of the steps from data acquisition to analysis.
4. Conversion of tax return data to PDF format
Converting tax return data created in XML format to PDF files makes it possible for the tax return data acquired by financial institutions (XTX files) to be referenced as usual and familiar report forms. This helps financial institutions to utilize the received tax return data with greatly increasing efficiency.
5. Organization of account items by account categories specific to a financial institution
A function is to be provided as part of Standard service in Zaimon for organizing financial data in CSV format according to the account categories of Mitsui Knowledge Industry Co., Ltd.’s CASTER®, so that the tax return data received by a financial institution can be entered in its financial analysis system. Users of the trial service expressed a need for conversion to the account categories specific to each financial institution, so this functionality is also being made available. Financial institutions having their original financial analysis systems will then be able to enter the acquired tax return data seamlessly into their systems, for a further improvement in operation efficiency.
- *Use fees for each option: Individual estimates will be provided based on the needs of each financial institution. The function for sending by tax accountants is free of charge.
Financial Institutions Using the Service
Sumitomo Mitsui Banking Corporation will begin using the service on June 2. Around 100 financial institutions are expected to be using the service by 2013.
A future aim of Zaimon is to build a global supply chain using XBRL to link financial information of every corporations in Asian countries such as China, Vietnam, etc, Europe and North America. NTT DATA is also collaborating in XBRL business with China’s largest accounting package vendor, UFIDA Software Co., Ltd.
*1 Note: About XBRL
XBRL (Extensible Business Reporting Language) is a computer language for creating, distributing, and processing corporate financial data. Active efforts are under way to make it an international standard, in order to increase the reliability of information and promote distribution across various corporations. Adopting XBRL makes it possible to handle corporate financial data on a variety of computer systems, as well as enabling flexible processing and analysis. In addition, data checking functions help improve the accuracy of information, and support for various languages is possible.
In Japan, XBRL was adopted first of all in the National Tax Agency online tax return filing and tax payment system (e-Tax) in 2004. This was followed by adoption for the local tax portal system eLTAX in 2005, and for the Bank of Japan online system for bank examinations in 2006. Then in 2008, the use of XBRL format became mandatory for submissions of financial documents to the Financial Services Agency EDINET system, and the third-generation TDnet system of the Tokyo Stock Exchange became XBRL compatible, as XBRL is apparently becoming more important technology also in Japan.
- *ZaimonTM is a trademark of NTT DATA Corporation.
- *CASTER® is a corporate financial analysis system provided by Mitsui Knowledge Industry Co., Ltd. (MKI). The system uses analytical methods focused on the ratio of current earnings and expenses. Having been adopted by some 170 financial institutions, chiefly regional banks, this system has become a de facto standard package. CASTER is a registered trademark of Mitsui Knowledge Industry Co., Ltd.
- *Other names of companies and products herein are the trademarks or registered trademarks of their respective owners.
For more information, please contact:
For media inquiries:
Mr. Tomohisa Sugiyama
Public Relations Department
NTT DATA Corporation
For information about services:
Mr. Toshihiro Arita, Mr. Keita Ando, Mr. Koutaro Zanma
Sales & Planning Group
Capital Market Business Unit
Financial Business Sector
NTT DATA Corporation
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