COR Financial Solutions announced today that PARAGON, its portfolio/collateral management and accounting solution, has been selected by Bank Leumi USA, New York.
Bank Leumi USA has licensed the PARAGON system to handle its mortgage backed securities (MBS) investment portfolio. PARAGON was selected because of its MBS functionality, flexibility, scalability and ease of reporting.
PARAGON uses all Securities Industry Association (SIA) formulas in its bond math and fully adheres to the Financial Accounting Standards Board (FASB) requirements for FASB-91 accounting for both prospective and retrospective evaluation. PARAGON provides users with multiple methods of data accessibility (reporting, data extracts, data warehousing and database SQL statements) and PARAGON is also scalable enough to handle the processing for one institution with a single portfolio or for a holding company with thousands of institutions and portfolios.
"We are happy to provide Bank Leumi USA with a system that will meet their growth needs while also contributing to their goals regarding streamlining of their back-office operations and increased efficiency" said Pat Philpott, President of COR Financial Solutions operation in the Americas. "PARAGON truly is the industry standard for MBS processing functionality and its ease of implementation will provide Bank Leumi USA with a tailored solution that will keep pace with their rapid expansion."
Tony Mauro, Executive Vice President and Controller at Bank Leumi USA commented; "PARAGON was chosen because of its rich MBS processing, its ability to easily provide us with information we need to actively manage our investment portfolio and its reputation in the marketplace."