Bank Leumi Chooses COR Financial Solutions To Manage Its Securities Portfolios

New York based Bank Leumi USA licensed COR Financial Solutions' PARAGON, its portfolio collateral management and accounting solution, to handle its mortgage backed securities (MBS) investment portfolio. "PARAGON was chosen because of its rich MBS processing, its ability to easily

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New York-based Bank Leumi USA licensed COR Financial Solutions’ PARAGON, its portfolio/collateral management and accounting solution, to handle its mortgage backed securities (MBS) investment portfolio.

“PARAGON was chosen because of its rich MBS processing, its ability to easily provide us with information we need to actively manage our investment portfolio and its reputation in the marketplace.” said Tony Mauro, executive vice president and controller at Bank Leumi USA.

PARAGON uses all Securities Industry Association formulas in its bond math and fully adheres to the Financial Accounting Standards Board requirements for FASB-91 accounting for both prospective and retrospective evaluation.

The systems is meant to provide users with multiple methods of data accessibility (reporting, data extracts, data warehousing and database SQL statements) and PARAGON is also scalable enough to handle the processing for one institution with a single portfolio or for a holding company with thousands of institutions and portfolios.

“We are happy to provide Bank Leumi USA with a system that will meet their growth needs while also contributing to their goals regarding streamlining of their back-office operations and increased efficiency,” said Pat Philpott, president of COR Financial Solutions operation in the Americas.

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