Below you find all terms related to explanations of our own products, ICT terminology and Criteria, institutions and (sustainability) standards.
To facilitate faster and more effective information exchange, you need to embrace standardisation. Based on the principles of Standard Business Reporting, Visma Connect’s portals validate information at the source, using standards during data entry.
The portals ease administrative burdens for your staff, as quality-assured information is delivered automatically to your processing systems. They also make submissions more seamless for reporting parties. Read more
Agreement Framework Services
Data rules the world. Sometimes, its value can only be truly unlocked when it’s shared. Our Agreement Framework Services enable data sharing, by helping organisations build trust and harmonising the technical integration that’s required.
Rather than signing separate agreements with multiple parties, organisations that want to establish a data sharing consortium can rely on us to develop a common agreement and the necessary specifications.
API management is the process of creating and publishing web application programming interfaces (APIs), enforcing their usage policies, controlling access, nurturing the subscriber community, collecting and analysing usage statistics, and reporting on performance.
An authorization registry ensures that information can only be shared at the right time, with the right people. Put simply, it is an official record of authorizations used during data exchange.
Hyperautomation combines state of the art technologies like AI, machine learning, process automation and natural-language understanding in one package. It is typically used to automate repetitive tasks, like answering support questions or entering data into forms.
Today’s world is teeming with data. Organisations need to connect their own systems (internally) in order to work efficiently. At the same time, they need to integrate with others in their ecosystem. Often, they are seeking to exchange information or open up their applications for partners to gain access.
It’s not unusual for organisations to run into complexity and hurdles when they try to do this. In most cases, they only have to do this once, so they don’t have specialist teams in-house. That’s where dedicated integration services can be useful. Read more
Frends iPaaS is a lean, low-code, and intuitive Integrations Platform as a Service that comes with many out-of-the-box components that help you launch integrations with faster time to market.
Standard Business Reporting sets a standard for the digital exchange of business reports, ensuring that companies can access and report on structured information. It helps you make informed decisions based on real-time, validated data.
Sustainability reporting is the disclosure and communication of environmental, social, and governance (ESG) goals—as well as a company's progress towards them.
The Visma Intelligence Platform takes in all kinds of data in a wide variety of formats, and aggregates it in a dynamic data warehouse. The warehouse is created based on your input data and/or a taxonomy. You can pull in data from open sources, such as weather reports, geographical information, and demographic and economic stats.
Our machine learning algorithms are then applied on top of these large data sets to help you perform predictive analyses. The platform is delivered as a service; stand-alone, or as part of our SBR proposition.
Sustainability reporting is becoming more important. New laws and regulations require detailed reporting. Customers and investors are also demanding sustainability disclosures. But preparing this information and sharing it with different stakeholders is time-consuming and labour-intensive. It’s also difficult to audit reports in this field, as most companies don’t follow a single set of standards for non-financial reporting.
Visma Sustynex is the world’s first cloud native platform for ESG Disclosure that uses a GRI taxonomy to deliver high data quality and accuracy.
Glossary of ICT terminology
Adapters (sometimes called dongles) allow you to connect a peripheral device with one plug to a different jack on the computer. They are often used to connect modern devices to a legacy port on an old system, or legacy devices to a modern port.
A system that allows you to create and publish web APIs with appropriate usage policies and access management and performance reporting.
An audit trail will include the chronological list of steps required to begin a transaction and bring it to completion.
For example, conducting an audit trail on an invoice issued by a vendor would be a relatively simple process. An audit trail usually begins with the invoice receipt.
A Business-to-Business Gateway is a part of business IT architecture that connects internal resources to external ones.
In general, a B2B Gateway links up in-house software processes to e-commerce platforms, or platforms that enable collaboration with partners or vendors.
Blockchain is a system that records information in a way that makes it difficult or impossible to change, hack, or cheat. Each block in the chain contains a number of transactions. Every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger.
Cloud computing is named as such because the information being accessed is found remotely in a virtual space.
Companies that provide cloud services enable users to store files and applications on remote servers and then access all the data via the Internet.
In computer security, a DMZ or demilitarised zone (sometimes referred to as a perimeter network or screened subnet) is a physical or logical subnetwork that contains and exposes an organisation's external-facing services to an untrusted, usually larger, network (such as the internet).
The purpose of a DMZ is to add an additional layer of security to an organization's local area network (LAN). An external network node can access only what is exposed in the DMZ, while the rest of the organisation's network is firewalled.
Enterprise application integration is the task of uniting the databases and workflows associated with business applications to ensure that the business uses the information consistent This makes sure that changes to core business data made by one application are correctly reflected in others.
eIDAS stands for electronic Identification, Authentication and Trust Services. The eIDAS Regulation established the framework to ensure that electronic interactions between businesses are safer, faster and more efficient, regardless of the European country they take place in.
It is a European Regulation that created one single framework for electronic identification (eID) and trust services, making it more straightforward to deliver services across the European Union.
The General Data Protection Regulation is the toughest privacy and security law in the world. Though it was drafted and passed by the European Union (EU), it imposes obligations onto organizations anywhere, as long as they target or collect data related to people in the EU.
The regulation was put into effect on May 25, 2018. The GDPR will levy harsh fines against those who violate its privacy and security standards, with penalties reaching into the tens of millions of euros.
A gateway is a piece of networking hardware or software used in telecommunications. It allows network data to flow from one discrete network to another.
Gateways are distinct from routers or switches in that they communicate using more than one protocol to connect multiple networks. They can operate at any of the seven layers of the open systems interconnection model (OSI).
KYC means Know Your Customer and sometimes Know Your Client. KYC check is the mandatory process of identifying and verifying the client's identity when they open an account and periodically.
It's a compliance measure banks take to ensure that their clients are genuinely who they claim to be.
Minimum Viable Product or MVP is a development technique in which a new product is introduced in the market with basic features, but enough to get the attention of customers.
The final product is released in the market only after getting sufficient feedback from initial users.
Natural Language Processing or NLP is a field of Artificial Intelligence that gives machines the ability to read, understand and derive meaning from human languages.
It is a discipline that focuses on the interaction between data science and human language, and is scaling to lots of industries.
A proxy server is any machine that translates traffic between networks or protocols. It's an intermediary server separating end-user clients from the destinations that they browse.
Proxy servers act as a firewall and web filter. They provide shared network connections, and cache data to speed up common requests.
PSD2 is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies.
PSD2 is evidence of the increasing importance Application Program Interfaces (APIs) are acquiring in different financial sectors.
Robotic process automation is a software-based technology that uses software robots to emulate the human execution of a business process.
This means that it performs the task on a computer and uses the same interface a human worker would. It clicks, types, opens applications and uses keyboard shortcuts.
SaaS is a method of software delivery that allows data to be accessed from any device with an internet connection and a web browser.
In this web-based model, software vendors host and maintain the servers, databases, and the code that makes up an application.
Self-sovereign identity (SSI) is a model for managing digital identities in which an individual or business has sole ownership over the ability to control their accounts and personal data.
With self-sovereign identity, users have complete control over how their personal information is kept and used.
A single window is a facility that allows parties involved in trade and transport to standardised information and documents with a single entry point. It is typically used to fulfil all import, export, and transit-related regulatory requirements.
SWIFTNet is an ultra-secure private network that enables the exchange of financial messages worldwide.
Managed by SWIFT (Society for Worldwide Interbank Financial Telecommunication), it's a banking cooperative created in 1973 which guarantees the security of financial transactions.
Taxonomy is the practice of identifying different organisms, classifying them into categories, and naming them.
All organisms, both living and extinct, are classified into distinct groups with other similar organisms and given a scientific name. In data exchange, a taxonomy is used to classify and standardise data.
XBRL is an abbreviation for eXtensible Business Reporting Language. XBRL is a standardised computer language that businesses use to send information back and forth.
This language has an XML base and allows expressions of semantic meaning. This is particularly helpful in the business world.
An XML Gateway is the external-facing DMZ tier of a web services platform. It serves as an entry point for web service traffic into an organisation's systems.
It is also the termination point for inbound connections used for web service calls. Especially SSL connections, in particular.
Criteria, institutions and (Sustainability) Standards
The Climate Disclosure Standards Board is an international consortium of business and environmental NGOs.
They are committed to advancing and aligning the global mainstream corporate reporting model to equate natural capital with financial capital.
Corporate social responsibility is a company's commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations.
IT is also used to refer to the support of charitable organisations in the communities where a company operates.
EU regulations require large companies to publish regular reports on the social and environmental impacts of their activities.
EU rules on non-financial reporting currently apply to large public-interest companies with more than 500 employees. This covers approximately 11.700 large companies and groups across the EU, including:
- listed companies
- insurance companies
- other companies designated by national authorities as public-interest entities
Read more about CSRD in our blog post.
The European Financial Reporting Advisory Group is an organisation founded in 2001 with the support of the European Commission. It serves the public interest by influencing international financial reporting standards from a European perspective.
Environmental, social, and governance criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments.
Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.
Read the interview with Prof. Remko Renes, and learn more about the increasingly important role of ESG disclosure in our blog post.
The GHG Protocol establishes comprehensive global standards to measure and manage greenhouse gas (GHG) emissions from private and public sector operations, value chains and mitigation actions.
The Global Reporting Initiative is an international non profit organisation, with a network-based structure.
To enable all companies and organisations to report their economic, environmental, social and governance performance, GRI produces free Sustainability Reporting Guidelines.
Read the interview with Prof. Nijhof, and learn more about non-financial reporting.
The IFRS Foundation is a non profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards—IFRS Standards—and to promote and facilitate the adoption of these standards.
The International <IR> Framework and Integrated Thinking Principles are used around the world, in 75 countries, to advance communication about value creation, preservation and erosion.
The cycle of integrated reporting and thinking results in efficient and productive capital allocation, acting as a force for financial stability and sustainable development.
The International Sustainability Standards Board is an independent, private-sector body that develops and approves IFRS Sustainability Disclosure Standards (IFRS SDS). The ISSB operates under the oversight of the IFRS Foundation.
The ISSB was formed in 2021 following two consultations. These consultations explored the demand for global sustainability standards and the role the Foundation might play in the development of such standards. Proposed amendments to the IFRS Foundation Constitution enabled the creation of a new sustainability standards board under the governance of the Foundation.
The Organisation for Economic Co-operation and Development is an international organisation that works to build better policies for better lives.
Their goal is to shape policies that foster prosperity, equality, opportunity and well-being for all. They draw on 60 years of experience and insights to better prepare the world of tomorrow.
The Sustainability Accounting Standards Board is an independent nonprofit organisation that sets standards to guide the disclosure of financially material sustainability information by companies to their investors. SASB Standards identify the subset of environmental, social, and governance (ESG) issues deemed as the most relevant to financial performance in 77 industries.
Financial markets need clear, comprehensive, high-quality information on the impacts of climate change. This includes the risks and opportunities presented by rising temperatures, climate-related policy, and emerging technologies in our changing world.
The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information.
The Value Reporting Foundation is a global nonprofit organisation that provides a comprehensive set of tools to help companies and investors develop a common understanding of enterprise value - how it is created, maintained and eroded.
Voluntary Sustainability Standards are special rules that guarantee that the products you buy don’t hurt the environment and the people that make them.
The number of these standards has grown recently and they can now help build a new, greener economy. Voluntary Sustainability Standards may be developed by single businesses, business associations, non-governmental organisations, or governments.
Say goodbye to reporting variability and ease administrative burdens. Visma Connect is the foremost supplier of tools, taxonomies and expertise for information and data exchange, sustainability and accountability reporting.