Vermeg’s AgileREPORTER Powers Bank North’s Regulatory Compliance
- Wealth Management , Banking
- 16.11.2021 04:00 pm
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.”