MIAMI, FL, May 20, 2003 â IDOM Miami, LLC announced that it has signed a contract to implement its industry-leading REG-Reporter regulatory reporting software at the Miami Agency of Spainâs Caixa de Aforros de Vigo, Ourense e Pontevedra, Caixanova. The project is well underway, with many regulatory reports already live and plans to be fully in production by the end of the month.
Dionisio FernÃ¡ndez-Nespral, Operations Manager of Caixanova said, "I saw first hand the benefits of using IDOMâs REG-Reporter software while I was at another Miami-based bank and was impressed with the level of experience that the IDOM team brought to the table. I played an integral part in getting Head Office and U.S. management at Caixanova to commit to implementing the REG-Reporter solution. The previous reporting system Caixanova had in place was not nearly as robust a package as the REG-Reporter software. Happily, our implementation is nearly complete and we will be fully automated soon and looking forward to enjoying the additional MIS reporting benefits that this automation affords."
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 bankâs 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.
"By deploying products like ours that automate the cumbersome regulatory reporting process, banks can significantly reduce their exposure to the penalties associated with filing inaccurate and/or late reports," said Vincent Raniere, President & CFO of IDOM. "We are delighted to have Caixanova as a client and look forward to a long and mutually beneficial business relationship."