Australian challenger bank Judo Capital has chosen VERMEG, a leading banking and insurance software solution company, to meet its Australian Prudential Regulation Authority (APRA) reporting requirements as it pursues its full banking license.
VERMEG's software covers three main financial services segments: banking, wealth and asset management, and insurance. Judo Capital will use the company's cloud-based AgileREPORTER package to comply with the APRA's Economic and Financial Statistics (EFS) reporting changes, scheduled for 2018 and 2019.
"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 license 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," said Alex Twigg, co-founder of Judo Capital, in a press release.
APRA's ongoing EFS reporting changes mean that Authorized Depository Institutions (ADIs) in Australia must now review and automate their regulatory reporting processes. As a result, VERMEG has seen a growing demand for its RegTech solutions.
"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 sees 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," said Colm Gaughran, managing director for Australia at VERMEG.
"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," he added.