Bank North taps Vermeg to support regulatory reporting ahead of launch

UK-based Bank North has adopted Vermeg as its regulatory reporting partner.

The regional business bank has been implementing the provider’s AgileReporter platform ahead of its launch.

Bank North will operate a network of regional ‘Pods’

Bank North was granted a banking licence in August.

The bank will operate via a network of regional ‘Pods’, where experienced bankers and relationship managers will provide advice and 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.

It has Mambu for core banking and nCino for loan and deposit origination.

Vermeg has been working with the bank to establish its reporting processes. AgileReporter will run on AWS cloud and will be used by the finance team to manage approvals and workflows.

David Broadbent, CFO of Bank North, says the firm “needs regulatory reporting software that can scale and integrate seamlessly with our cloud-native systems”.

Bank North was founded by ex-Santander and Atom Bank executives in 2018.

It is backed by investors including LHV Group, LHV Asset Management, Skipton Building Society, Greater Manchester Combined Authority (GMCA) and Channel 4 Ventures.