announces their entry into the Cayman Islands banking market. Bank Austria Cayman Islands Ltd. represents the second bank physically located in Cayman to select REG-Reporter to facilitate their regulatory reporting needs. Last year Dresdner Bank Lateinamerika became the first to use REG-Reporter for their on-shore Cayman reporting requirements.
Bank Austria Cayman Islands Ltd. is a wholly owned subsidiary of Bank Austria
AG, offering its customers the vast financial and analytical resources of the
Bank Austria Group, while at the same time offering flexible, friendly, personalized service in one of the most dynamic and safe financial centers in the world. As the global economy becomes smaller and the formation of the European Union continues, higher yields are being offered in overseas markets. The Cayman Islands is such a market where investors have the opportunity to diversify their portfolios in a secure and sound business, political and economic environment.
"We are excited to be implementing REG-Reporter here in our Cayman Islands Agency, as we did previously in our New York offices, as it will help us to remain ahead of the competition in light of the new regulatory regulations that are changing the face of banking," commented James O'Neill, Managing Director of Bank Austria Cayman Islands Ltd. "Furthermore, IDOM is developing a data extract which will work in conjunction with our Abraxsys international banking system, resulting in a seamless approach to our regulatory reporting process."
REG-Reporter automates compliance with reporting requirements to regulatory authorities, management and head offices, and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting. It combines data from all of the 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 and the Cayman Islands Monetary Authority.
Vincent Raniere, IDOM's President & CFO was quoted as saying, "We are extremely
pleased with the reception we have received from the Cayman Islands banking arena and feel that our product [REG-Reporter] will be very well received by the other banks once they see the level of automation and efficiency that Bank Austria Cayman Islands achieves in their regulatory reporting process."
Mr. Raniere went on the say, "IDOM has been very proactive in this marketplace,
first with our Banking Automation Symposium held in Grand Cayman earlier this
year where we showcased our automated solution to the local bankers. Additionally, this November we are scheduled to be a Silver Sponsor at the Cayman Islands Bankers' Association Eighth Biennial Conference at the Grand Cayman Marriott Beach Resort. We feel this will help us to gain more exposure so that we can help other Cayman banks to automate their regulatory reporting process - as we have done for so many New York and Miami based banks."
IDOM, Inc. is a leading provider of banking automation products and management
consulting services to the financial sector. In business since 1988, the firm,
headquartered in Newark, N.J., and with subsidiary locations in Miami and London, is comprised of career bankers and systems specialists with expertise in financial operations, management, accounting and reporting. IDOM's principals and co-founders, Chairman and CEO Stephen Codignotto and President and Chief Financial Officer Vincent Raniere are nationally recognized for their banking systems and technology expertise in both the United States and overseas. The company's software products include its industry-leading REG-Reporter, an automated regulatory reporting solution, and DOC-Tracker document management software.