A new software programming code that's expected to revolutionize how financial statement information is reported and collected could also profoundly cut banks' costs while improving the process they follow in gathering required information from their commercial loan customers.

So say the proponents of eXtensible Business Mark-up Language, or XBRL, a language that enables businesses to create financial reports and have their individual bits of information coded in a way that makes it very easy to access and retrieve them online.

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