SYDNEY, December 13, 2018 /PRNewswire/ --
VERMEG the banking and insurance software solution leader has announced today that Australian Challenger bank, Judo Capital have selected VERMEG's AgileREPORTER package, to meet its' Australian Prudential Regulation Authority (APRA) reporting requirements as part of its full banking licence application.
Judo Capital is a SME (Small to Medium Enterprise) lender, focused on re-introducing the craft of business lending and will use VERMEG's cloud-based solution to comply with the APRA's Economic and Financial Statistics (EFS) reporting overhaul scheduled for 2018/19.
APRA's ongoing EFS reporting changes are the most significant of the past 15-years and are driving Authorised Depository Institutions (ADIs) in Australia to review and automate their regulatory reporting processes. Legacy systems and manual processes of the incumbent ADI's are just not nimble or flexible enough to meet the demands of the new standard, designed to provide the regulator with significantly more insight into the operations of regulated institutions. As a result, VERMEG is seeing rapidly growing demand for its RegTech solutions, with institutions struggling to meet the deadlines to comply.
Alex Twigg, Co-Founder and CIO, Judo Capital commented: "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."
Colm Gaughran, Managing Director for Australia, Vermeg said: "Building on our strong foundations with the foreign bank branch community in Australia, adding Judo, with its' forward thinking, "Challenger" mentality and impressive technology capability, VERMEG see's Judo as the technology blueprint for banks in the future and the challenger bank community as the next growth phase for the Australian financial landscape.
"We see substantial growth opportunities for our RegTech products and expertise, with Australian banking Institutions demonstrating demand for streamlined regulatory reporting, holistic regulatory compliance and management information to help them understand their data and run the bank more efficiently."
VERMEG is a specialised software house covering three main market segments in financial services: Banking, Wealth and Asset Management and Insurance.
Our business solutions are designed to address the challenges linked to the transformation of the financial services industry. As information system architects, we ensure our clients can achieve cost reductions and Time-To-Market control in the modernisation of their information systems.
In addition to offering standard software solutions that meet evolving digitised needs, VERMEG provides tailor-made solutions based on our own tools, project and business expertise.
VERMEG has over 1100 employees, with presence in Australia, Belgium, China, UK, France, Germany, Japan, Hong Kong, Luxembourg, Netherlands, Singapore, South Africa, Spain, Tunisia and United States. The company supports more than 500 clients in 40 countries.
VERMEG "SOFTWARE EXCELLENCE FOR LEADERS IN FINANCE"
Judo Capital is challenging the one-size-fits-all approach to transform SME lending in Australia. Built from the ground up by a small group of deeply experienced and highly credentialed banking professionals, Judo has been modelled on the successful challenger banks in the UK and US. Judo formally launched in March 2018 to provide a genuine alternative for small- and medium-sized businesses to access the funding they need and deserve. Headquartered in Melbourne, Judo has a team of close to 50 with plans to roll out nationally in the coming months. Judo has lodged with APRA (Australia's banking regulator) its formal application for a full banking license, expected in early 2019. For more information on Judo, please visit http://www.judocapital.com.au .