IDClear Goes LIVE on VERMEG for CCP Collateral Management
VERMEG, a global leader in Digital Collateral Management, Securities, Risk, Regulatory, and Settlement Solutions, today announces that IDClear, the Central Clearing Counterparty for the Indonesia Financial Markets, has successfully implemented VERMEG’s Cross-Asset Collateral Management solution for CCP’s.
Launched by IDClear in collaboration with Bank Indonesia, the Indonesia Stock Exchange, and eight shareholder banks, MEGARA delivers a robust software solution for Central Counterparty (CCP) services in Indonesia’s money market and foreign exchange sectors.
This initiative positions IDClear as a qualified CCP, reinforcing the country’s financial market infrastructure and fostering greater efficiency and stability.
VERMEG’s solution, built on a cloud-native API-first architecture, assists market infrastructure and capital markets clients to optimize their assets; increase productivity; and enhance risk management capabilities. It also enables clients to offer value-added services to their members or customers.
VERMEG delivers CCPs a robust platform for Collateral Management, Cash Management, Default management and seamless Settlement. The solutions support Corporate Actions, Referential / Position Keeping, and Broker Clearing, ensuring efficiency, transparency, and regulatory compliance across the post-trade lifecycle.
Iding Pardi, President Director of IDClear commented:
“The successful implementation of VERMEG’s platform is a significant milestone for IDClear in supporting our business growth by providing strategic core technology infrastructure. This was a complex and challenging project, but thanks to the seamless collaboration between the VERMEG and IDClear project teams, it was executed expertly. The new VERMEG platform gives us business agility to achieve our goals and opens opportunities for further expansion, strengthening IDClear’s position as a market leader through cutting-edge technology. We look forward to continuing our partnership with VERMEG to deliver more innovative services to our members.”
Joseph Kubeyka, General Manager Asia Pacific and the Middle East of VERMEG said:
“I wish to congratulate IDClear for its vision and project execution in transforming IDClear for the modern digital age. IDClear’s adoption of VERMEG’s collateral management platform will enable IDClear to continue to drive innovation, while delivering an outstanding experience to its members. Vermeg has enjoyed a successful partnership with IDClear and we are delighted to support IDClear and its future success in Indonesia.”
/ About VERMEG
VERMEG is a leading provider specialized in software and digital solutions for collateral management, regulatory and compliance, and insurance industries.
As a leader in the collateral market, its technology targets key challenges driving operational efficiency, cost savings, optimization and risk mitigation. Encapsulating more than 25 years of experience in the financial sector, VERMEG has a deep understanding of the current challenges facing the industry.
Through our digital solutions developed with low-code no-code technology, Veggo platform by VERMEG offers ready-to-use apps, perfectly tailored to our clients’ needs. This guarantees for clients achieve increased efficiency, improved user experience and the ability to grow their business and reduce costs.
/ About IDClear
IDClear was established in 1996 as a clearing and guarantee institution or CCP for the Indonesian capital market.
IDClear’s line of business is to organize clearing of securities exchange transaction and regulated over-the counter (OTC) transactions as well as securities exchange settlement guarantee. The development of industry and economy has enabled IDClear to expand its business activities by conducting other financial supporting services, with the approval of the Indonesia Financial Services Authority and in accordance with applicable laws and regulations.
The year 2020 marked a milestone for IDClear as it expanded its role as a CCP for the OTC derivative market, as well as to support the Government’s program towards the development of an integrated, efficient, and transparent financial market.
IDClear website: https://www.idclear.co.id/en
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