IDOM, Inc has signed the New York Branch of Chinas commercial bank, The Industrial and Commercial Bank of China (ICBC), as a REG-Reporter client. ICBC is engaged in the field of information technology and they embrace a technology-oriented strategy in all aspects of banking.
REG-Reporter automates compliance with reporting requirements prescribed by regulatory authorities and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of the reporting process. It combines data from all of the banks operating systems into a central data repository, where key information is translated into standardized data. The resulting data is then compiled in required report formats recognized by regulatory agencies such as the Federal Reserve Bank.
At ICBC we have an innovative culture and were looking for the best possible solution to automate our regulatory reporting, says Michael Balestrieri, assistant controller, the New York Branch of ICBC. In fact, we opted to purchase and begin implementing REG-Reporter prior to actually receiving our banking license from the Federal Reserve Bank. We were that confident in doing business with IDOM due to their robust client base and the applications proven technological capabilities.
We are pleased that REG-Reporter has been successfully implemented and is in production at ICBCs designated site, says Vincent Raniere, president & CFO of IDOM, Inc. Because of their proactive approach, they had the ability to submit regulatory reports immediately once they received their banking license in September 2008.
L.D.