BOSTON, MA, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Today, Object Management Group®️ (OMG®️) welcomed Auditchain Labs AG, a trailblazer in web3 and artificial intelligence-based financial reporting, audit, and analysis protocols, as member. Auditchain Labs AG gained prominence for developing the world's first-ever web3 and AI-powered financial reporting protocol. This innovative solution aims to enhance the accuracy of financial disclosure and elevate the rigor of external audits, ensuring a more truthful representation of financial data.
Auditchain Labs AG submitted its groundbreaking Standard Business Report Model (SBRM) specification to OMG On November 6, 2023. The SBRM specification introduces a paradigm shift by automating bi-directional structured data interchange and imposing logical constraints on structured financial disclosure data.
"We are thrilled to join OMG to help redefine and advance financial reporting standards globally," said Jason Meyers, Lead Architect at Auditchain Labs AG. "The SBRM specification we submitted to OMG reflects our commitment to transparency, accuracy, and the seamless integration of Web3 and AI into financial reporting processes."
The SBRM specification sets the stage for a new era in financial reporting and data extraction. By introducing automation and logical constraints, the proposed standard aims to streamline the exchange of structured financial data, fostering transparency and accuracy in reporting.
"We welcome Auditchain Labs AG to our diverse community of members," said Bill Hoffman, Chairman and CEO at OMG. "Their knowledge and expertise in web3 and AI-based financial reporting will help push the boundaries of financial reporting technology standards. We look forward to the contributions Auditchain Labs AG will make to our collaborative ecosystem."
About Auditchain Labs AG
Auditchain Labs AG is a pioneering force in developing web3 and artificial intelligence-based financial reporting, audit, and analysis protocols. With a commitment to transparency and accuracy, Auditchain Labs AG aims to revolutionize the landscape of financial disclosure and external audits.
About OMG
The Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium with representation from government, industry, and academia. OMG Task Forces develop enterprise integration standards for a wide range of technologies and an even more comprehensive range of industries. OMG's modeling standards enable robust visual design, execution, and maintenance of software, systems, and other processes. Visit www.omg.org for more information.
Object Management Group and OMG are registered trademarks of the Object Management Group. For a listing of all OMG trademarks, visit https://www.omg.org/legal/tm_list.htm. All other trademarks are the property of their respective owners.
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