VERMEG’s AgileREPORTER powers Bank North’s regulatory compliance
VERMEG, the leading global provider of regulatory reporting and collateral management solutions, announces that Bank North, the UK’s first truly regional business bank of the modern era, has signed a multi-year licence for its flagship regulatory reporting platform, AgileREPORTER.
Bank North is a new regional business bank which was granted a banking licence (Authorised with Restrictions or ‘AWR’) by the UK’s Prudential Regulation Authority (‘PRA’) in August this year. The bank operates via seamlessly-integrated, cloud-native banking technology, which powers a network of regional ‘Pods’, where experienced bankers and relationship managers will deliver committed finance to businesses. It will start lending to SMEs later this year with the opening of its first lending ‘Pod’ in Manchester. Lending services will then be rolled out across the UK.
Working closely with Bank North since 2020, Vermeg has been helping to establish the bank’s reporting processes, so it has robust and thorough systems in place to ensure regulatory compliance. With the implementation of Vermeg’s flagship regulatory reporting product, AgileREPORTER, Bank North is benefiting from an automated, scalable and AWS cloud-based reporting system. The intelligent software ensures the most accurate and efficient reporting possible, and through a user-friendly interface, the finance team is able to manage approvals and workflows, enabling a more efficient finance function and clear oversight for senior management.
David Broadbent, CFO, Bank North said: “With ambitious growth plans and a unique de-centralised model, where loans are tailored to the circumstances of each business at a local level, Bank North needs regulatory reporting software that can scale and integrate seamlessly with our cloud-native systems. AgileREPORTER meets this need perfectly and access to Vermeg’s experts in the UK is invaluable in helping to ensure we are implementing all the right processes.”
Malcolm Arnold, Global Head of Regulatory Product, Vermeg said: “It’s very rewarding to see Bank North secure its banking licence after working to ensure they have all the required reporting systems in place. Our UK-based Regulatory Strategy team have delivered a regulatory reporting solution that supports the bank’s advanced banking model and can be easily scaled up as the business grows. We look forward to a long and successful partnership, working to ensure the Bank North compliance team has the highest level of confidence and control over its reporting at all times.”
VERMEG is a specialised software house covering these main market segments in financial services: Banking & Wealth, Insurance and Digital Transformation. We have been active in the Regulatory Reporting space for over 30 years.
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 platform, project and business expertise.
VERMEG has over 1500 employees and supports more than 550 clients in 40 countries.
About Bank North
Bank North is launching the UK’s first regional lending bank in the modern era and aims to shake up the £150 billion SME lending market. It is Authorised with Restrictions by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Bank’s Financial Services Registration Number is 848024. For more information, please see the Financial Services Register.
Bank North is built using the latest cloud banking technology and will draw on local knowledge through a network of de-centralised decision making ‘lending pods’, combining regional empathy and pace of delivery.
Bank North is backed by investors including LHV Group, LHV Asset Management, Skipton Building Society, Greater Manchester Combined Authority (GMCA) and Channel 4 Ventures.
The Bank North team is made of experienced financial services professionals who have worked at institutions such as Santander, Atom Bank, Citigroup, Barclays, and the British Business Bank. https://banknorth.co.uk