MIX granted fund to share data of Microfinance Institutions with GIIN

Microfinance Focus, June 29, 2010: Rockefeller Foundation will be funding the data sharing between the Microfinance Information Exchange (MIX) and the Global Impact Investing Network (GIIN) to develop a structured data feed that will enable the GIIN Impact Reporting and Investment Standards (IRIS) initiative to access financial and social performance data from more than 1,800 microfinance institutions (MFIs) currently reporting to MIX. Data exchange will result in increased transparency and comparability across microfinance and the broader impact investing industry

The GIIN will use the data in cross-sector analyses of the impact investing industry, which includes all for-profit investment that aims to generate social or environmental good. Once operational, the MIX data feed will be open to additional subscribers, such as investors or technology providers. This project represents an important step in unifying the currently fragmented landscape of social and environmental performance data for a growing set of investors who seek to finance global solutions. A grant of $187,000 from The Rockefeller Foundation is supporting the data exchange technology.

Both IRIS and MIX collect data using XBRL (eXtensible Business Reporting Language), a business reporting language created specifically to streamline the exchange and analysis of financial information. XBRL is becoming the standard reporting mechanism for global financial sectors, and is used by the FDIC (Federal Deposit Insurance Corporation) and SEC (Securities and Exchange Commission) in the United States, the International Accounting Standards Board (IASB) and regulators and exchanges throughout Asia, Europe, Africa, and Latin America. By adopting XBRL-based data collection, MIX and IRIS are creating standard reporting frameworks that enable the integration of social and environmental performance reporting into mainstream markets.

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