# Introduction of the Digital Financial Report for banks and savings banks
**Banks and building societies are legally obliged to keep themselves informed about the financial circumstances of their borrowers. In 2018, Opti.Tax will handle the transmission of the [Digital Financial Reporting](../../en/difin-digital-financial-report/index.md) support this with a new software module.**

To date, annual accounts have been submitted to banks and building societies on paper or in electronic form, for example as PDF files. Printing, posting and re-entry are time-consuming and no longer in keeping with the times. Following the introduction of the e-balance sheet based on standardised taxonomies and its integration with the Federal Gazette, the Digital Financial Report is a further project based on a standardised taxonomy.

On the [Website](https://de.xbrl.org/weitere-informationen/home/digitaler-finanzbericht/) XBRL Deutschland e.V. lists the following benefits, amongst others, for all parties involved:

## Benefits for reporting companies
- less administrative work,
- less time,
- lower legal costs,
- less paper,
- no error-prone media break that gives rise to queries,
- Speeding up a significant part of the lending process.

## Benefits for banks and building societies
- The time and cost involved in manually entering financial statement data into the systems of banks and savings banks are eliminated,
- Financial statement data is made available without delay,
- Speeding up a significant part of the lending process.

hsp Handels-Software-Partner GmbH will handle data transmission to banks and savings banks for the Digital Financial Report using a new module of the software [Opti.Tax](../../en/products/opti-tax/index.md) support. The module is scheduled for release in 2018 \(subject to final approval of the procedure\).