Noro Bank and Banco del Orinoco acquire IBIS Management consulting services for implementation of Basel II guidelines.

Willemstad, Curacao - September 28, 2015 - Both Noro Bank N.V. and Banco del Orinoco have signed with IBIS Management to guide the implementation of the New Chart of Accounts (NCoA), the Basel II Banking Regulatory guidelines, for the Dutch Caribbean. The newly introduced guidelines will take effect in January 2016.

Complying with the NCoA is a complex operation that goes far beyond a simple mapping and reconciliation process. Implementing the new guidelines requires the revision of processes, procedures and data requirements in order to facilitate the future preparation of more than twice the amount of reports to the regulator. It requires a different level of expertise to understand and apply the new framework.

IBIS Management’s Banking Compliance & Risk experts have vast experience preparing banks for the stringent Basel I, II and III requirements in addition to consulting roles with regional Central Banks.

According to the National Ordinances on the Banking Supervision and Credit Institutions in the Dutch Caribbean, “all reporting institutions must complete all Chart of Accounts and Supporting schedules for each mandatory Period.” Non-compliance or lack of timely completion will initially lead to fines and, in worst-case scenario, to revocation of the Banking License.

By January 1^st 2016, the regulatory reporting framework in the Dutch Caribbean Jurisdiction will be altered considerably to meet both Basel II and IFRS9 Standards. The new reporting standards are denominated as the NCoA.

The IBIS management corporate culture reflects the understanding that successful business relationships are built on long-term success, not short-term expedience. While implementing projects, members of the IBIS team that have been assigned to dedicate their time to the client, always keep an eye out with the client’s best interest at heart. When inefficiencies related to a business process are spotted, these are immediately identified along with suggested realistic solutions for long term increase in efficiencies and profitability.

Last call to comply with NCoA !

By the time of this publication, you should be ready or in the process of completing the activities to comply with the NCoA. If that is not the case, this is your last call to action to figure out where you stand and what needs to be done to comply with the NCoA. For a NCoA readiness scan, Implementation Guidance, Support or full standard automation of your Banking Regulatory Reporting Chain contact IBIS Management Associates by clicking on the link below

About IBIS Management Associates Inc.

Headquartered in Curacao, Dutch Caribbean, IBIS Management Associates Inc. (IBIS) was founded in 2000 to provide advice and solutions to Financial Institutions to achieve operational excellence, by reducing compliance risk and increasing payment processing efficiencies and profitability. IBIS Management’s clients range from Central banks to leading commercial and retail banks as well as Trust and Utility companies in the Caribbean, Latin America and Europe.

IBIS Management’s proprietary technologies are developed by a team of senior international banking consultants together with IBIS In-house development team with extensive knowledge in international payment processing, risk mitigation and regulatory reporting for Basel I, II, and III for global and multi-currency banking.

The hallmark of the IBIS approach is a high degree of flexibility and innovation in delivering solutions that are specific to clients’ requirements within each jurisdiction. IBIS Management thoroughly understands the needs of the Caribbean Financial industry and has successfully executed over 40 major implementations in the region.

IBIS Management Associates’ Solutions include:

• GREENLIGHT (Automated regulatory reporting solution)
• Alchemy (Payment Processing System for Banks)
• Fuze (Trust payment gateway companies)
• Swissroute (Hosted SWIFT connectivity, gateway and automated reconciliation)
• Entrust (Trusted Identities / Secure transactions) 

NORO BANK N.V. is a highly specialized bank established in 1956 in Curacao, Netherlands Antilles.

NORO Bank specializes on structuring tailor made financial transactions for a selective client base. In the current banking climate commercial banks in general need to focus on standardized products, standardized fee schedules and standardized service, while at NORO we focus on those clients who value personalized service, those who are prepared to spend the time and the money to structure a transaction well and who value not being a number but a face to our employees and account executives. 

Banco del Orinoco N.V. is an international bank with a global network of financial services. It was founded in Bonaire in 1987 and move to Curacao in 1994.

The bank's values are based on the security and confidentiality of its clients, whose peace of mind and confidence are top priorities. The bank takes care of every detail to make the clients' families feel protected and in a stable environment.

Its financial services make Orinoco Bank NV an organization that integrates protection and technology for its customers to conduct their transactions and inquiries comfortably, quickly and safely.

For more information on GREENLIGHT or other Banking Compliance & Risk Management Services, do not hesitate to contact us using the button below.