State Bank of India Automates Their Regulatory Reporting with REG-Reporter
NEW YORK, NY, March 26, 2002 â IDOM, Inc. announced today that the State Bank
of India has purchased a license to utilize the industry leading REG-Reporter
software to simplify their regulatory reporting to the U.S. Federal Reserve Bank.
The State Bank of India is the largest commercial bank in India in terms of
profits, assets, deposits, branches and employees, with total assets of US$ 60
billion. With a domestic network of 9,000 branches, the Bank commands about
one-fifth of deposits and loans of all commercial banks in the country.
The State Bank of India found that it is imperative for them to utilize the
latest technology, not only to remain customer-friendly, efficient and competitive,
but also, and perhaps more importantly, to be able to manage newer forms of business
and services in an increasingly dynamic and global environment. The bank's effort
to improve efficiency and customer service through the use of technology is reflected
in the rapid pace of its branch computerization and special award for âExcellence
in Banking Technology for the Year 2001â conferred on them by the Institute for
Development and Research in Banking Technology. In this spirit they elected
to acquire IDOM's REG-Reporter, thus streamlining and making their reporting
to the Federal Reserve Bank more efficient.
IDOM's President & CFO, Vincent Raniere stated, âThe State Bank of India is
the second Indian bank to purchase REG-Reporter and we are certain that they
will soon be enjoying the benefits of our automated regulatory reporting solution
including more efficient and timely Fed reporting. They join our growing list
of Misys Equation users who have automated their reporting through REG-Reporter.â
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.
The State Bank of India released this comment, âIDOM's REG-Reporter came highly
recommended to us as the premiere solution to automating our regulatory reporting
and we are very pleased with our selection.â