For many financial services firms in global markets, the continuous need to maintain legacy systems to support their business is becoming too much of a burden. The constant development demands brought about by ongoing changes in regulations and restructuring, often caused by political agendas, is tipping in-house I.T. almost to their breaking point.
Research shows that an estimated 70% of IT budgets is spent simply maintaining current infrastructure and only 30% is allotted for revenue-based business capabilities. This equation is proving unsustainable for even the largest financial services firms.
Vermeg has responded to this growing market condition by offering a new consumption and delivery model for its applications. This scalable solution is suitable for both large and small financial organisations. In this Managed Service, or SaaS model, Vermeg uses its state-of-the-art SWIFTReady software applications, which run on an infrastructure hosted in the data centre of IBM, Vermeg's business partner. The applications are accessed remotely through a thin client interface such as a web browser or via Citrix.
The benefits of using this type of service are myriad. For those looking to reduce IT operating and capital costs, it enables them to standardize and limit their annual cost structure by shifting from a capital investment model to an operating expense model. It removes the concern and cost of project management and leads to a better use of existing resources. The client can also standardize applications and processes and remove IT complexity. For businesses looking to offer a new service to their customers, it delivers a quick route to market.
Vermeg offers a range of services. These include but are not limited to:
- Managing and control of the infrastructure (Network, servers, operating system, storage)
- Managing the functional administration of the platform (Static data, batch processes)
- Providing standard processes pre configured
- Providing regulatory reporting
- Managing the versioning of the application