Australian challenger bank Judo powers on with Vermeg regtech
As part of its banking licence hunt Melbourne-based challenger Judo Capital has selected Vermeg’s AgileReporter package for Australian Prudential Regulation Authority (APRA) reporting requirements.
Moving well in Melbourne
Judo is making decent advances for its banking dreams as just last month it got a $350 million debt facility agreement with firm Credit Suisse.
That followed on from September when Judo selected Temenos’ T24 core system, channels, analytics and financial crime mitigation; and from August when it got $140 million in funding.
In the latest edition of a fintech pilgrim’s progress, it will use Vermeg’s cloud-based solution to comply with APRA’s Economic and Financial Statistics (EFS) reporting overhaul scheduled for 2018/19.
Alex Twigg, co-founder and CIO, Judo Capital, comments: “Given Vermeg’s three decades of experience in delivering and updating global regulatory reporting solutions, they are the ideal solution provider for Judo.”
According to the firms, 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.
Dutch firm Vermeg is no newbie and has been round a while. It has over 1,100 employees, with a presence in Australia, Belgium, China, UK, France, Germany, Japan, Hong Kong, Luxembourg, Netherlands, Singapore, South Africa, Spain, Tunisia and the US. The company has more than 500 clients in 40 countries.
The Australian challenger bank scene is a lively one. Check out our list of banks here.
