Information Technology Inc (ITI), a subsidiary of Fiserv, and FRS have teamed to meet industry demand for an end-to-end, straight through processing solution to speed and simplify labor-intensive regulatory reporting processes.
As per the agreement, the companies will integrate the FRS Regulatory Reporting System with ITI’s Premier core banking software in a solution that will aim to enable banks to expedite data collection, allocation and validation, while lowering operational costs.
ITI’s Premier Regulatory Reporting system is also expected to help banks comply with new governmental requirements for quarterly reporting, as outlined by the Federal Financial Institution Examination Council’s (FFIEC) Call Report Modernization Project. Currently in beta testing, the product will be released at the end of Q1.
Bob Michaud, ITI vice president & asset product manager, explained that this regulatory reporting package will not only ease banks’ immediate regulatory compliance burdens, but also simplify the long-term challenge of keeping current with evolving requirements.
Premier Regulatory Reporting will include a variety of features to simplify the asset reporting process, including history retention of reported data, report data adjustment, XBRL format for electronic submission, pre-built filters for value calculations and quarterly updates to comply with government change.
