and State Reporting
Miami, FL, August 1, 2002 â IDOM, Inc. is pleased to announce that Banco de Credito Inversiones â Miami Branch ("Bci") has successfully completed the implementation of REG-Reporter, which automates their regulatory reporting process to the Federal Reserve Bank of Atlanta and to the State of Florida.
With offices on Brickell Avenue in Miami, Bci, is a foreign bank operating in
the State of Florida and is a branch of a large Chilean bank whose headquarters
are in Santiago, Chile. The Miami Branch provides a full range of banking services to domestic and foreign individual and corporate customers primarily from Latin America and the Caribbean.
Bci's Comptroller of the Miami Branch, Maria Grisel Vega, said, "REG-Reporter
has provided much needed relief to the time-consuming, often frustrating process of manually preparing our regulatory reports for the Federal Reserve Bank and the State of Florida. We are using the REG-Reporter data warehouse in conjunction with Seagate's Crystal Reports to produce our MIS and head office reports â essentially killing two birds with one stone. We have recently completed the implementation of the program and have just completed our first semi-annual reporting period and have cut down the preparation and review time to less than one quarter of the 'pre-REG-Reporter' time. We expect this to improve even further as we gain more practice in use of the program and it's flexibility for other reporting options. The decision to acquire the package has proven to be a success."
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.
"Banco de Credito Inversiones â Miami Branch is a welcome addition to our expanding Miami User Community," said Vincent Raniere, IDOM's President & CFO. "In addition to processing the bank's U.S. Federal Reserve Bank and state of Florida returns, IDOM has plans for product expansion in the near future which would enable us to process Bci's head office returns for Chile as well."
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 compliance and reporting. The company's software products include its industry-leading REG-Reporter, an automated regulatory reporting solution, and DOC-Tracker, document and compliance management software.