Australia’s first SME “challenger” bank selects VERMEG for their Regulatory Reporting
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.”
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