NEW YORK, NY - Today, it is with great pleasure that IDOM, Inc. is able to announce that the New York branch of Banco Comercial Portugues (NYSE: BPC) has purchased REG-Reporter to automate their regulatory reporting.
Headquartered in Lisbon, Portugal, Banco Comercial Portugues' major activities include individual and corporate customer fund-taking, credit granting, custody of securities, treasury services, foreign-exchange transactions and money-market operations.
"We are very eager to have REG-Reporter in place to automate our regulatory reporting to the Fed and to use the associated central data repository to produce our MIS and head office reports," stated Shankar Sharma, Senior Vice-President, Finance of Banco Comercial Portugues' North American operations. "With standardized reporting we will be able prepare reports much more quickly, easily train new staff and have our policies and procedures standardized. The man-hours we save on preparing the reports can now be put to use in actually analyzing the reports, making the process more efficient and effective."
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 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.
"We welcome Banco Comercial Portugues as a new client and look forward to having REG-Reporter implemented so they can immediately begin to experience a much higher level of reporting efficiency," said Vincent Raniere, President & CFO of IDOM, Inc. "Once the software is up and running in the bank's New York office, we hope to expand our relationship into their other US-based operations as well as locations in Canada."
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. IDOM's principals and co-founders, Chairman and CEO Stephen Codignotto and President and CFO Vincent Raniere are internationally recognized for their banking systems and technology expertise. The company's software products include its industry-leading REG-Reporter, an automated regulatory reporting solution, and DOC-Tracker, a document and compliance management software application.