(PRWEB) September 23, 2004
STB Systems (STB) a leading Compliance software specialist is providing its enhanced automated reporting software, STB-Reporter, to PT Bank DBS Indonesia (DBSI), a majority-owned subsidiary of DBS Bank (Singapore) for Bank Indonesia (BI) regulatory reporting. Cygnet Pericon, (Cygnet) having recently partnered with STB will complete the implementation of STB-Reporter for DBS to provide automated reporting to BI over the next few months.
The solution has been introduced at the request of the market to address the new requirements which are being introduced to BI reporting. With the introduction of the new LHBU firms will for the first time be required to submit reports daily. STB-Reporter supports regulatory reporting to BI offering direct input to electronic copies of the BI forms right through to full automation, taking the underlying account and transaction information and computing all of the numbers, not just for LHBU, but for all the other returns as well (LLD, SID, LBU, etc.) Outputs in the electronic format required by BI are fully supported.
As a global solution, STB-Reporter is already used daily by 170+ financial institutions around the world. With the expertise of Cygnet, Banks in Indonesia can be assured of local support.
STB-Reporter utilises data held within STB-SuperConsolidator and will output all of the mandatory BI reports as required. Complete return and cross-return validation is catered for and provision to adjust any mismatches. Fully audited outputs are included so all figures may be output electronically for direct dispatch to BI.
Commenting on the agreement, Michael Thomas, Group CEO, STB Systems, said, "We welcome DBS Indonesia to the growing number of STB clients and are delighted that they have selected STB-Reporter. STB's partnership with Cygnet Pericon will ensure our clients in Indonesia have a locally developed and locally supported solution. The solution will offer banks the opportunity to further expand their reporting as and when they require across their entire enterprise. We look forward to a long & mutually beneficial relationship with DBS and our partner Cygnet Pericon."
Hendra Suhartanto, Managing Director, Cygnet Pericon added, "DBS Indonesia chose our solution because Cygnet has been providing them with unrivalled service even prior to the decision to buy the BI Regulatory solution. DBSI wanted to work with a worldwide leader in regulatory reporting solutions. DBS's branch in London is an existing STB Systems client and a happy user. With expert consultancy services provided by PT. Cygnet Pericon, this solution is being launched at just the right time. Maintained always in-line with the Bank Indonesia requirements at no extra licence cost, and with Basel II next to come it will save banks a great deal of time and money in the future."
About STB Systems
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.
STB Systems Solutions Pte Ltd
30 Raffles Place
Tel: +65 6233 6859
Fax: +65 6233 6800
About PT. Cygnet Pericon
PT. Cygnet Pericon is a provider of Business Intelligence and Regulatory Compliance Solutions for the Financial Services Industry in the Asia Pacific region. Our BI solution helps financial institutions deliver profitable customer acquisition and retention strategies, timely and focused answers for risk management concerns, and the insight to track, understand and manage corporate performance. We also leverage on our partners' knowledge and world-class experiences to deliver global products and solutions localized to the needs of our Financial Services customers.
We specialise in providing Business Intelligence and Data Warehousing solutions to primarily the Financial Services industry sector. Our BIS team is staffed with certified data warehousing and business intelligence professionals seasoned with full-cycle implementation experience. We have many of the largest banks in Indonesia as our active BIS customers.
PT Cygnet Pericon
11th Floor, Century Tower
Jl. H.R. Rasuna Said Kav. X-2 No.4
Jakarta 12950, Indonesia
Tel: (62-21) 252-1090
Fax: (62-21) 252-1091
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