COR Financial Solutions says that PARAGON – its collateral management and accounting solution- was bought by City & Suburban Federal Savings Bank of New York. The terms of the agreement were not disclosed.
City & Suburban has licensed the PARAGON system to handle its investment portfolio. COR says PARAGON was selected because of its MBS (mortgage backed securities) functionality, flexibility, scalability and reporting capabilities. City & Suburban has purchased the PARAGON core system and will also be using general ledger and asset liability management interfaces.
“We are happy to provide City & Suburban with our services and to add them to the long list of our New York based savings banks,” says Gerald Clemente, Jr., Director of Sales, the Americas. “PARAGON’s wide range of functionality and its ease of implementation has provided City & Suburban with a tailored solution that was installed and live in just over one month.”
Michael Indiveri, CFO at City & Suburban added: “PARAGON was chosen because of its stellar reputation among our peers and competitors as a tried and true solution, its MBS functionality and its ability to be implemented rapidly and adapt to our growing and evolving business needs.”
PARAGON is a fixed-income collateral management and accounting solution.