New York, NY, September 30, 2003 â IDOM, Inc., a leading provider of banking automation products and management consulting services to the financial sector, today announced that the New York branch of HSH Nordbank AG has purchased a multi-user license of their REG-Reporter software. HSH Nordbank was formed in June of this year through the merger of two German banks, LB Kiel and Hamburgische Landesbank. They are headquartered in both Hamburg & Kiel and, as a result of the merger, are now a leading bank in Germany.
Michael Kraft, Head of Finance & Risk Controlling, HSH Norbank said, "At HSH Nordbank we take regulatory reporting very seriously. We are pleased to have REG-Reporter in place going forward to automate this otherwise manual and time-consuming 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 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.
"We are very pleased to have HSH Nordbank on board as our latest client," IDOMâs President & CFO, Vincent Raniere stated. "Soon they will realize the time-savings REG-Reporterâs automation affords in the report preparation process. The bank will gain valuable time allowing them to further analyze the data populated through the REG-Reporter central data repository and develop additional Head Office and MIS reports."
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 recognized for their banking systems and technology expertise in both the United States and overseas. The companyâs software products include its industry-leading REG-ReporterÂ®, an innovative automated regulatory reporting solution, and DOC-TrackerÂ®, a state-of-the-art document and compliance management software application.