ING subsidiary Williams de Broë (WDB) has signed with STB Systems for implementation of its regulatory reporting and anti-money laundering software.
WDB will complete the implementation of STB-Reporter to provide automated reporting to the Financial Services Authority within the next few months. As this project commences, WDB will begin installation of STB-Detector to provide improved anti-money laundering controls. Both systems use the STB-SuperConsolidator database to store and mine data.
Seperately, Bank Sepah International has selected STB-Reporter to automate regulatory reporting to the Bank of England and the FSA. The application is interfaced to a new back office Equation system from Misys.
Cost was a key issue in the decision, says Reza Naraghi, IT Manager, BSIP: "We chose STB for its ease of interfacing to our new banking system and competitive price. Initial project costs quoted from other vendors were higher and we also understood that additional reports, as and when they came along, such as the new FSA/BoE PL return would incur additional development and licensing costs."