HSH Nordbank, formed this year through the merger of German banks, LB Kiel and Hamburgische Landesbank, has licensed Idom's regulatory reporting software, Reg-Reporter, for roll out at its New York branch.
Reg-Reporter automates regulatory reporting to authorities, management and head offices. The system forwards data from a bank's systems to a central data repository, where key information is standardised. The information is then compiled into required report formats recognised by regulatory agencies such as the US Federal Reserve Bank.
Michael Kraft, head of finance and risk control, HSH Norbank, says the product will replace manual and time-consuming processes.