Vermeg’s AgileREPORTER powers Bank North’s regulatory compliance

By Joy Dumasia

Vermeg, the leading global provider of regulatory reporting and collateral management solutions, announces that Bank North, the UK’s first genuinely 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 that 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 by opening 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 benefits from an automated, scalable and AWS cloud-based reporting system. The intelligent software ensures the most accurate and efficient reporting possible. The finance team can manage approvals and workflows through a user-friendly interface, enabling a more efficient finance function and apparent 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.”