State Bank of India has licensed Idom's REG-Reporter software to automate its regulatory reporting to the US Federal Reserve Bank.
REG-Reporter automates compliance with reporting requirements to regulatory authorities, management and head offices, and helps ensure the accuracy and integrity of financial reports, says the company.
The software combines data from all of the bank's systems into a central data repository, where key information is translated into standardised data. This data is then compiled into required report formats recognised by regulatory agencies such as the Federal Reserve Bank.
A spokeperson for the State Bank of India says: "Idom's REG-Reporter came highly recommended to us as the premiere solution to automating our regulatory reporting and we are very pleased with our selection."
The State Bank of India is the second Indian bank to purchase REG-Reporter.