The US operations of State Bank of India (SBI-US) has selected Sofgen Americas’ REG-Reporter platform to automate its regulatory reporting.
Sofgen Americas, a subsidiary of Switzerland-based Sofgen Holdings, said REG-Reporter automates compliance with reporting requirements prescribed by regulatory authorities and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of the reporting process.
REG-Reporter combines data from all of the bank’s operating systems into a central data repository, where key information is translated into standardized data. The resulting data is then compiled in required report formats recognized by regulatory agencies such as the Federal Reserve.
Sofgen Product Sales global head Vincent Raniere said that the REG-Reporter is specifically architected to capture transaction level information, thereby enabling the automation of the entire regulatory reporting process.
“Designed and implemented by our in-house team, we are confident that REG-Reporter will meet SBI’s needs both now and in the future,” Raniere said.