Australia's First SME "Challenger" Bank Selects VERMEG for Their Regulatory Reporting

PR76763

SYDNEY, Dec. 13, 2018 /PRNewswire=KYODO JBN/--

     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."

    About VERMEG:

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"

     ABOUT JUDO

     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 .

Source: VERMEG