Sumitomo Mitsui Banking Corporation automates regulatory reporting with REG-Reporter
Newark, 20 October 2011: SOFGEN Holdings Limited (SOFGEN), an international banking IT consulting firm, announced today that its wholly owned subsidiary, SOFGEN Americas, Inc. (SOFGEN Americas), has signed NY Branch of Sumitomo Mitsui Banking Corporation (SMBC), wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG), as a REGReporter client.
SMFG offers a broad range of financial services centered on banking as well as leasing, securities, credit card, venture capital, and other credit related businesses. SMBC is one of the largest banks in the world today based on total assets of ¥115,484.9 billion and over 493 domestic branches and 58 overseas offices including subsidiaries.
“Many banks are still preparing and filing their regulatory reports manually. They have not employed the use of an end-to-end solution to reduce their report preparation time, which would afford them quality time for analyzing,” stated Vincent Raniere, EVP, Global Head of Product Sales at SOFGEN.
Raniere continued, “Our solution automates the end-to-end generation of the reports required by regulatory agencies resulting in significant reductions in time, effort, and expense. Additionally, our in-house team diligently keeps the software and regulatory reports up-to-date so those accountable for preparing and submitting reports will have peace of mind knowing that their reports will be in line with mandated changes, which continue to be quite extensive.”
“We are pleased to add this major Japanese institution to the growing REG-Reporter user community and being a trusted partner to assist with their regulatory reporting requirements,” further commented Raniere.