REG-Reporter Automates Israel Discount Bank’s Regulatory Reporting
Newark, NJ, May 15, 2006 – IDOM, Inc. is pleased to announce today that Israel Discount Bank of New York has purchased and successfully implemented IDOM’s innovative regulatory reporting solution, REG-Reporter to automate their U.S. regulatory reporting.
“We chose IDOM’s REG-Reporter to automate our domestic and international regulatory reports to establish a reliable methodology that supports the increased complexity of reporting requirements,” said Michael Clifford, Vice President of Israel Discount Bank of New York. “IDOM consultants have banking industry experience and the regulatory reporting expertise necessary to implement a product that generates a higher quality report more quickly and reliably.”
Israel Discount Bank of New York, also known by its registered service mark, “IDBBank”, is a full service commercial bank chartered by the State of New York and a member of the Federal Deposit Insurance Corporation (FDIC). The Bank is a subsidiary of Israel Discount Bank Limited, which is headquartered in Israel. IDBBank provides domestic and international, personal and commercial banking services to its U.S. and foreign clientele through its main offices in New York City.
REG-Reporter completely automates the regulatory reporting process, end-to-end, mitigating the risks associated with manual report preparation. It automates compliance with reporting requirements to regulatory authorities and management, and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting. In summary, REG-Reporter combines data from all of a bank’s systems into a central data repository, where key information is translated into standardized data. The resulting data is then compiled into required report formats recognized by regulatory agencies such as the Federal Reserve Bank.
“Israel Discount Bank purchased the REG-Reporter software because it is an innovative automated regulatory reporting solution that could be implemented seamlessly due to our expertise in working in similar banking environments,” comments Vincent Raniere, IDOM President and CFO. “IDOM’s industry experience and ongoing maintenance support of REG-Reporter provided the professional confidence that Israel Discount Bank required.”