Vermeg Explained

VERMEG
Type:	Private
Products:	COLLINE, AGILE Reporter, MEGARA, SOLIFE, MASSAI, SOLIAM and Palmyra
Foundation:	1993
Location:	Amsterdam, Netherlands

VERMEG is an international software group operating across several lines of B2B services: pensions & insurance, wealth & asset management, financial & security markets and Digital Financial Services.^[1] The company develops software used across the private banking sector, consumer finance, asset management companies, central banks, insurance and other financial services providers^[2] covering insurance policy administration, asset portfolio management, regulatory reporting, collateral management, post-trade processing, low code application development, business process management and risk management.

The company was formed in 1993 by Badreddine Ouali and has headquarters in Amsterdam.^[3]

History

VERMEG was founded in 1993 in Tunisia, initially under the name of BFI and was spun off from BFI in 2002.^{[4] [5]} Its headquarters are now in Amsterdam and it has offices globally, including North America, Latin America, France, Belgium, Luxembourg, UK, Singapore and Tunisia.^{[3] [6]}

In 2017, Crédit Mutuel Arkéa acquired 19.5% stake in VERMEG.^[7]

Acquisition

VERMEG has expanded both organically and via strategic acquisitions over the years:

• In 2011, the firm acquired the regulatory reporting business of Sofgen. The main part of the business acquired, which in the past was known in the US regulatory market as IDOM USA, is the United States and Canada regulatory reporting product REG-Reporter^[8]
• In 2014, VERMEG acquired the Belgium-based firm BSB, which specialized in financial software for insurance and private banking.^[9]
• In 2018, the firm acquired Lombard Risk,^[10] an international provider of software for risk management, regulatory reporting and collateral management^[11]

Products

VERMEG provides across several financial sectors including asset management, central banking, retail banking, consumer finance, investment banking, regulatory reporting, pensions and insurance with over 400 clients worldwide.^[1] Among VERMEGs Solutions are:^[12]

• MEGARA:^[13] Asset management and collateral management for central banks.
• COLLINE:^[13] Collateral management
• AGILE Reporter:^[12] Regulatory reporting
• SOLIFE:^[14] Life insurance policy contract management administration system.
• SOLIAM: Wealth management and private banking portfolio administration system.
• MASSAI:^[15] "Non-Life" insurance; containing the following modules: product, policy, claim and accounting.

VERMEG also offers a low code application development platforms:

• Veggo: Open architecture low code application development platform.^[16]
• Magikforms: No code, drag and drop form builder for insurance and banking.

Awards and certifications

Awards

• AGILE Reporter: Best Regulation Reporting Solution for 2018.^[17]
• Central Banking Awards: Risk Management Technology Provider of the Year 2019.^[13]
• Grant Thornton: Best Regulatory Reporting Management Solution 2019.^[18]
• Custody Risk Global Awards: Collateral Platform Provider of the year 2017.^[19]
• Operational Risk & Regulation Awards: Best Regulatory Reporting Platform/Service 2015.^[20]

Certifications

• ISO certification for Management and Security of Information.^[21]
• United Nations Global Compact.^[22]
• Best Place to Work for LGBTQ Equality in 2019.^{[5] [23]}
• Certified Application for Collateral Management, Corporate Actions and Securities Settlement in 2019
• Singapore Fintech Association.^[24]

External links

• Vermeg Acquires Lombard Risk To Create Global Financial Software Leader

Notes and References

1. Web site: GmbH. finanzen net. VERMEG Extends Partnership With Santander as the Global Bank Selects MEGARA as Its Post-trade Processing System in Brazil Markets Insider. 28 September 2020. markets.businessinsider.com. en-us.
2. Web site: Vermeg, the leading Software & Digital Company for Insurance & Finance, is positioned again in the Leaders Quadrant in Gartner's 'Magic Quadrant for Life Insurance Policy Administration Systems, Europe'. 28 September 2020. bobsguide. en.
3. Web site: Vermeg Group – MarketsWiki, A Commonwealth of Market Knowledge. 28 September 2020. www.marketswiki.com.
4. Web site: February 2018. 23rd. 23 February 2018. Vermeg buys regtech firm Lombard Risk for £52m. 28 September 2020. FinTech Futures. en-GB.
5. Web site: VERMEG – TUNISIA Best Places To Work Program. 28 September 2020. bestplacestoworkfor.org. en.
6. Web site: VERMEG INTERNATIONAL SINGAPORE PTE. LIMITED. 28 September 2020. Singapore Business Directory. en-US.
7. Web site: 20 January 2017. Crédit Mutuel Arkéa acquires 19.5% stake in Vermeg. 28 September 2020. Finextra Research. en.
8. Web site: 20 December 2011. Lombard Risk buys regulatory reporting business of SOFGEN Holdings. 19 October 2020. NS Banking. en-US.
9. Web site: Surviving the Ben Ali regime: a Tunisian entrepreneur success story. 28 September 2020. Wamda. en.
10. Web site: 11 January 2018. Lombard Risk agrees to VERMEG takeover offer. 28 September 2020. Finextra Research. en.
11. News: Vermeg completes acquisition of Lombard Risk. 26 February 2018. finextra.com. 16 September 2020. en.
12. Web site: 27 September 2018. Lombard Risk is renamed under VERMEG brand, creating a new leader in Software Solutions for Financial Services. 28 September 2020. Derivsource. en-US.
13. Web site: 28 January 2019. Risk management technology: Vermeg. 28 September 2020. Central Banking. en.
14. Web site: Solife VERMEG Celent. 28 September 2020. www.celent.com. en.
15. Web site: Vermeg: Massai for Property & Casualty Insurance. 28 September 2020. bobsguide. en.
16. Web site: Veggo – Your leading-edge platform to build digital solutions for financial services : fast, agile, legacy-free. . 2023-02-07 . veggoplatform.com.
17. Web site: Best regulation reporting solution. 28 September 2020.
18. Web site: Insurtech. 28 September 2020. Financial IT. en.
19. Web site: 9 November 2017. Custody Risk Global Awards 2017 winners announced. 28 September 2020. Risk.net. en.
20. Web site: Operational and Regulation Awards 2015. 28 September 2020.
21. Web site: Vermeg Achieves ISO Certification for Management and Security of Information – Global Custodian – The Leading quarterly magazine covering the international securities services industry. 28 September 2020. www.globalcustodian.com.
22. Web site: VERMEG UN Global Compact. 28 September 2020. www.unglobalcompact.org.
23. Web site: GmbH. finanzen net. VERMEG Earns Top Marks in 2019 Corporate Equality Index Markets Insider. 28 September 2020. markets.businessinsider.com. en-us.
24. Web site: Vermeg International Singapore Pte Ltd – SG FinTech Directory. 28 September 2020. en-US.