Newark, NJ, August 24, 2005 â IDOM, Inc. announced today that yet another major German bank, Landesbank Baden-WÃ¼rttemberg, has chosen REG-Reporter to automate their regulatory reporting process. Landesbank Baden-WÃ¼rttemberg's head offices are located in Stuttgart, Karlsruhe, and Mannheim and it operates over 240 offices and branches mainly in the territory of Baden-WÃ¼rttemberg. In addition, it operates its own branches in important financial centers worldwide (New York, London, Singapore, and Hong Kong) and serves its internationally oriented customers across the globe with many representative offices in major centers of financial activity.
"We expect that REG-Reporter will give us a stable and reliable methodology for the automated reporting of all of our legally required regulatory reports to the U.S. and Cayman agencies,â said Orly Watson, Deputy GM, Controlling and IT at Landesbank Baden-WÃ¼rttemberg. âThe system will interface with our Midas banking system, which IDOM has a great deal of experience in working with, so we are confident that the implementation will be very streamlined."
REG-Reporter completely automates the regulatory reporting process, end-to-end, mitigating the risks associated with manual report preparation. It automates compliance with reporting requirements to regulatory authorities and management, and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting. In summary, REG-Reporter combines data from all of a 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.
"A vast majority of German-based institutions with a presence in the U.S. regulatory reporting market leverage IDOMâs REG-Reporter for the automation of their regulatory reports," commented Vincent Raniere, President & CFO of IDOM. "We are very pleased to have a prestigious bank such as Landesbank Baden-WÃ¼rttemberg as our most recent German-based customer and look forward to working closely with them."