STB Systems and Cygnet Pericon launch Bank Indonesia reporting solution in Jakarta

STB Systems and Cygnet Pericon hosted a seminar at Hotel Mulia Senayan, Jakarta at which they announced their partnership to deliver a ground breaking Bank Indonesia regulatory reporting solution.

The seminar, "LHBU and Beyond, the True meaning of Regulatory Automation", attracted an audience of more than 40 people from 22 banks. The seminar examined the impact of one of the biggest regulatory changes to impact the banking industry in Indonesia and looked the full scope of the changes.

This select briefing was targeted at senior management from the banks and reflecting the importance of the changes, Dibyo Raharjo, Director, Special Unit for Information Management - Bank Indonesia gave a presentation on the new LHBU requirement and the need for daily figures and collection of data, stressing that data needed to be timely, accurate and reliable.

C. Hendra Suhartanto, Managing Director, PT Cygnet Pericon, chaired the event and described how Cygnet team's strength and in-depth local knowledge of the banking industry are put to work in assisting institutions to address the new regulatory requirement and beyond.

Presentations were also given by Michael J. Thomas, Group CEO, STB Systems, Group and John Heaps, Regional Operations Manager, STB Systems Solutions Pte Ltd. Michael discussed how automation is often made more complicated than it should be which makes it more expensive and he then explained the key areas of reporting to be addressed and described how a tools based approach to product development has helped STB to address these. John gave a presentation and demonstration of STB-Reporter, the same software that supports 170+ financial institutions around the world, and demonstrated the variety of options available for LHBU automation:

• Data input for direct form entry
• Automated data consolidation for multi-branch consolidation
• Automated computation for Straight Through Processing (STP)
• Bank Indonesia interface file generation

The new LHBU introduces daily reporting for the first time from March 2005, considerably increasing the difficulty of gathering accurate data in a timely manner. The new requirements will enable Bank Indonesia to fulfil their supervisory role and to contribute to the management of the national and local economies, catching any signs of economic problems early in the cycle and avert risk to the financial system.

The introduction of STB-Reporter to the region brings a flexible approach to automation of, not just LHBU, but the full Bank Indonesia reporting requirement. The solution is suitable for the reporting of remote branches across the country or can take daily business data and fully compute the reports required by Bank Indonesia.

Automation can often be costly, especially when hard coded into bespoke computer programs that are difficult to maintain into the future. STB and Cygnet Pericon offer a cost effective solution to the requirements and also provide for potential longer term savings with reduced maintenance costs and the provision of extensive MIS reports with additional modules that may be added to the solution as the business grows.

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. 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 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. 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
Caltex House
30 Raffles Place
#23-00
Singapore 048622
Tel: +65 6233 6859
Fax: +65 6233 6800
www.stbsystems.com

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.

PT. Cygnet Pericon 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
Century Tower
11th Floor, Suite 1105
Jl. H.R. Rasuna Said Kav. X-2 No.4
Jakarta 12950, Indonesia
Tel: (62-21) 252-1090
Fax: (62-21) 252-1091
www.cygnetpericon.com