(PRWEB) December 11, 2003
STB-Reporter, the regulatory reporting system that utilises data held within STB-SuperConsolidator, automates regulatory reports including balance sheet and the new PL (profit and loss report) to the FSA/BoE.
Mr Reza Naraghi, IT Manager, BSIP says, "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. We have protected our investment in regulatory reporting systems by selecting STB-Reporter. This is due to their all inclusive guarantee that there will never be any additional development or licensing costs, regardless of how many changes to the forms, or new forms, the regulator introduces".
Additionally, Mr. Naraghi stated, Ârecommendations received from other Equation users indicated that STB would be the correct solution to use in conjunction with our intended migration to EquationÂ.
BSIP will complete implementation of STB-Reporter to provide automated reporting to the FSA/BoE as part of their overall migration to Equation Q3 2004.
Commenting on the agreement, Michael Thomas, Group CEO, STB Systems, said, "We welcome Bank Sepah International plc to the growing number of STB clients and are very pleased to have won this contract in a competitive bid situation. As system of choice for MIBS's Equation system in the UK, STB-Reporter was the logical choice.
The flexibility of STB's solution with its superior interfacing makes it the ideal system for all systems across the entire financial sector. The consolidated data held within STB-SuperConsolidator may be used for further projects as BSIP continue to automate and enhance systems and controls throughout their organisation. We look forward to a long & mutually beneficial relationship with BSIP".
Notes to Editors:
Bank Sepah International plc
Bank Sepah International plc. is regulated by the UK Financial Services Authority.
Formerly known as Bank Sepah Iran, Bank Sepah International plc is now authorised as a UK institution.
Bank Sepah International plc
Tel: +44 207 623 1371
STB is one of the world's leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB is the market leader with offices in London, New York, Hong Kong & Singapore. STB's solutions are designed to automate the presentation of critical controls that protect financial institutions, handling both internal & external reporting to satisfy relevant regulatory bodies and assist in compliance with anti money laundering procedures.
The company is one of just five recognised by the Bank of England for electronic reporting output and works closely with many other respected industry bodies.
STB's solutions control & consolidate multiple data sources. The use of rules-based technology ensures a stable product, & allows for development of new solutions quickly & efficiently to meet the constantly changing demands of regulatory, management, risk & other compliance reporting.
STB's core competence puts them at the forefront of regulatory & compliance technologies, offering best of breed solutions for their customers.