SuretyWave LLC Joins XBRL US Surety Working Group

GRAND RAPIDS, Mich., Jan. 4, 2018 /PRNewswire/ -- SuretyWave, LLC, the market leader in surety bond processing, announced today that it has joined XBRL US as a sponsoring organization as well as the Surety Working Committee.

XBRL US and sponsoring organizations have developed an initial taxonomy for surety which is now available as a Proposed Recommendation. Bonding agents, sureties, contractors, accounting firms and tool providers that serve the surety market. This program is sponsored by XBRL US members AIG, GALLINA LLP, Liberty Mutual, Marcum LLP, the National Association of Surety Bond Producers (NASBP), SuretyWave, Travelers and Zurich Insurance.

SuretyWave has joined the Surety Working Group which also includes representatives from the Construction Financial Management Association (CFMA), The Surety & Fidelity Association of America (SFAA) and the Financial Accounting Standards Board (FASB).

Jeff Worthington, Chief Information Officer for Surety Wave and CTO for its IT services organization, Digital Business Creations, LLC,  stated, "The surety bond industry's adoption of XBRL as a data interchange standard will enable efficient integration of various bond systems. For example, SuretyWave's SurePath bond execution software can integrate with agency management systems (AMS) using XBRL's industry-specific schema. This XBRL-mediated data interchange can share contractor work-in-progress data and surety bond data. Integration of such systems will now be faster to develop and easier to maintain."

Commented Patrick McGinty, president of SuretyWave: "Our participation with XBRL US illustrates our commitment to and technology leadership in the surety industry to help our customers maintain and create digital technology environments."

About XBRL US https://xbrl.us/

XBRL US is a not-for-profit organization supporting the implementation of digital business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration.

About SuretyWave, LLC  http://www.suretywave.com

SuretyWave, LLC provides comprehensive consulting and IT services to the surety industry. The firm has 300 years of insurance and technology experience, and a workforce of more than 200 technology employees through its IT services organization, Digital Business Creations, LLC.

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SOURCE SuretyWave, LLC