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Offshore Banks In Guernsey Instal IDOM Software Package

Tax-News.com, London

16 December 2002


IDOM Consulting Limited announced in London on Friday that two major players in the offshore banking sector, N.M. Rothschild & Sons (C.I.) Limited and Bank of Butterfield (Guernsey) Limited, have implemented BM+ RECS, IDOM's solution for automated reconciliation and exception processing.

N.M.Rothschild have replaced their current reconciliation system with BM+ RECS, while Butterfield Guernsey have chosen to automate a process previously handled manually. The advantage of BM+ RECS lies in its flexibility in matching, user-friendly interface, and ability to reconcile data from various internal and external sources. By choosing IDOM's solution, both organisations will be increasing operational efficiency by raising the volume of transactions that are auto-matched and by using flexible matching rules to reconcile the remainder. By identifying and speedily resolving unmatched items they will be controlling and reducing exposure to risk.

Clive Bowles, Managing Director of IDOM Consulting Limited, said "Our BM+ RECS solution has been developed to fill a gap in the market for a cost effective reconciliation solution. We are delighted to provide two key players in the offshore banking sector, with a fully functional reconciliation solution. Their choice of BM+ RECS reflects a sound working relationship with both organisations, which we hope will continue to flourish. "

N.M.Rothschild & Sons (C.I.) Limited was established in Guernsey in 1967 and this year has celebrated its 35th anniversary on the island. Bank of Butterfield (Guernsey) is a member of the Butterfield Group, headquartered in Bermuda, with offices in Grand Cayman, Barbados, London and Hong Kong.

IDOM Consulting Limited provides support, consultancy and integration services, on all the major packaged banking systems, to banks around the world, and is particularly strong in the offshore banking sector.


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