VERMEG, a banking and insurance solution developer, has teamed with Australian challenger bank Judo Capital to help it meet regulatory reporting compliance.
The FinTech will deploy its AgileREPORTER solution to help the bank meet the Australian Prudential Regulation Authority (APRA) reporting requirements, which it needs meet in order to receive a full banking licence. The regulation in question is the APRA’s Economic and Financial Statistics (EFS) reporting, which is undergoing changes for 2018/2019.
Changes to the regulation are calling many Authorised Depository Institutions to review and automate their regulatory reporting processes. Legacy systems and manual processes are not sturdy enough to cope with the new standards which are giving regulators more insights into operations of a regulated organisation.
VERMEG builds a range of different financial software solutions which span, regulations, insurance, pension, wealth and asset management, collateral management, and securities, among others. The AgileREPORTER is an end-to-end solution which automates that generation of regulatory reports from capture and consolidation data through to the submission to regulatory authorities.
Judo Capital co-founder and CIO Alex Twigg said, “Regulatory Reporting is an essential function for Judo, and as a new ‘Challenger’ to the market, currently in the process of obtaining our full banking licence with the Australian Prudential Regulation Authority, Judo was looking for a cloud based solution that would align with our technology strategy, could be deployed within weeks and be a strategic partner for the long-term.
“Given VERMEG’s three decades of experience in delivering and updating global regulatory reporting solutions, they are the ideal solution provider for Judo.”
Earlier in the year, Lombard Risk acquired VERMEG in a deal worth £52m and a few months later, it rebranded under the VERMEG name.
Copyright © 2018 RegTech Analyst
