NEWARK, NJ, May 11, 2005 â IDOM, Inc. a leading provider of regulatory compliance expertise and related business automation solutions, is very pleased to announce that they have formed a business alliance with Infoel Financial Systems, Inc., the United States distributor for its parent company BML Istisharat.
Under this relationship, Infoel will integrate IDOMâs software solutions with its Integrated Computerized Banking System (ICBS). ICBS is a web enabled, scalable, on-line real time system designed to manage and control financial institutionâs Front & Back Office activities. ICBS modules cover: Retail and Commercial Services including Credit Facilities, Consumer and Commercial Loans, Trade Finance, Treasury and Capital Markets. Modules can be implemented as stand alone, interfaced with third party systems or part of the ICBS full suite. The system provides multilingual & multicurrency capabilities for international banks. ICBS has built in interfaces with several multichannel products (IVR, ATM, CRM, Mobile banking etc.). ICBS will specifically integrate with IDOMâs MATRIS, Listfinder, REG-Reporter and DOC-Tracker product offerings.
Vincent Raniere, President and CFO of IDOM, Inc., said, "Automated turn-key solutions are becoming an essential tool for financial institutions of all sizes. Now, with the formation of this alliance, there is no reason why small- and medium-sized financial institutions should be excluded from the most highly developed technology available purely due to acquisition costs. This alliance allows the companies to bundle their product offerings to offer turn-key solutions to the financial community at a significantly reduced total cost of ownership."
The MATRIS software is extremely efficient in the detection of suspicious activities to help prevent money laundering in financial institutions. The Listfinder software is used to filter black listed names. These software solutions maintain internal audit trails and are used to assist banks in implementing the recommendations of international anti-money laundering publications from FATF (Financial Action Task Force) and the Basel Committee, as well as being instrumental in meeting specific monitoring requirements for compliance with local Central Banks' anti-money laundering regulations.
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 and Central Banks.
DOC-Tracker is a modular, client-server, web-enabled application that addresses the documentation management, compliance and imaging needs of today's businesses and helps to mitigate associated risks. DOC-Tracker provides the facility to record documentation requirements and track the receipt of all types of Customer Specific, Commercial Lending, Trade Finance and other transactional documents produced internally, or those provided to the organization by a third party to support the businesses engaged. DOC-Tracker's document imaging capability provides instant access to multiple users of documents, facilitates their review, as well as, the recording of discrepancies noted.
Nadim Daouk, Ph.D., President of Infoel Financial Systems, Inc., comments, "We pride ourselves on our superior core banking products and look forward to now being able to present our customers with the finest in automated compliance solutions. Providing the best solutions to respond to critical business needs is always at the forefront of our business model."