Marks SOFGEN’s latest U.S. domestic banking client
Newark, 25 October 2011: SOFGEN Holdings Limited (SOFGEN), an international provider of IT solutions for banks, has announced today that its wholly owned subsidiary, SOFGEN Americas, Inc. (SOFGEN Americas), has signed First Trade Union Bank (FTUB) as its most recent REG-Reporter client.
With total assets over $635 million, FTUB is a Boston-based community bank which provides business and consumer products and services to the middle market, small businesses, unions and government entities.
Michael Hadzipanajotis, Vice President, Controller of FTUB, commented, “As regulation continues to evolve, it is important that we have a process in place to ensure that we keep up with the latest developments. We needed a trusted technology provider that we could rely on to give us peace of mind – with its proven track record and domain expertise, SOFGEN’s combination of risk and regulatory solutions meant that our choice was clear.”
“Regulators are demanding further granularity; consequently the need for deal-level information is becoming more prevalent,” said Vincent Raniere, EVP, Global Head of Product Sales at SOFGEN. “Via the streamlined capture of transactional data, REG-Reporter enables FTUB to automate its entire regulatory reporting process.”