The DTCC/SWIFT/XBRL initiative will I am sure, be a success and be a springboard to a new age of data standards. However, there remains an important issue that needs attention and that is, to protect the identity of the issuer of the taxonomy and the security
of the data they issue.
The obvious solution to the identity problem is to create a directory of the issuers of data and may be this should be held in a depository like the DTCC? It certainly should not be managed by a commercial organisation or a network like SWIFT. The reasons
are that commercially it could become an expense issue and limit the potential usage and if it is by a network restrictive, accessible to only those on the network. Openness is the key to success but the villain of the piece when it comes down to security
aspects.
May be the answer lies in the XBRL identity ownership being managed by a cooperative of utility organisations that have a vested interest in maintaining the security and uniqueness of the directory.
The unique business identity has been banded about for years without any realised solution. IdenTrust were one of the early purveyors of a solution to the identity risk problem but have achieved only modest penetration despite the sound logic and obvious
rewards of their solution.
But with XBRL looking like a done deal solution it looks like the identity question will be finally answered.
The security around the data itself is also in the ‘must find an answer for' tray and in Codel the new company backed by BT the solution may be in front of our eyes.
The now question has to be not what or where is the solution, but how does the industry tie it all together?