Home business solution InterSystems and Veromo Fuel Australia’s Economic Recovery with New Banking Solution

InterSystems and Veromo Fuel Australia’s Economic Recovery with New Banking Solution

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InterSystems has partnered with Veromo to deliver Veromo’s Record as a Service (RaaS) capabilities directly to online banking websites.

According to the company, the solution will allow entrepreneurs to set up new businesses in a simplified way, by registering the company name and creating a business bank account in a single interface.

It is expected that the solution will help drive post-pandemic economic growth by making it easier for start-ups and entrepreneurs to turn their ideas into business reality.

Andrew Aho, Regional Director of Data Platforms at InterSystems, said: “Banks have a real opportunity here to contribute to Australia’s economic recovery by enabling business owners to build their businesses, including the ABN for independent traders and PTY LTD registrations for businesses as well as opening relevant bank accounts. and access additional services such as commercial insurance from the bank’s customer portal.

“This benefits businesses as it provides a single, secure platform for all of their business registration and start-up needs. It also offers midsize Australian banks significant growth opportunities by providing additional services to these corporate clients as they grow. It’s a win for the Australian economy, business owners and banks.

The solution is specifically designed for banks looking to expand their business customer base without investing in building a bespoke enterprise RaaS solution.

All data used by the solution stays with the bank rather than being provided to a third party, helping banks meet data privacy and other regulatory requirements, the company says.

InterSystems IRIS provides Veromo with high-performance database management, interoperability and analytics capabilities, all designed from the ground up to facilitate the creation of data-intensive, machine-learning-enabled applications that connect data and application silos.

Transocean Group, founding partner and shareholder of Veromo, says the solution will play an important role in helping the resumption of the pandemic in Australia.

Jamie Henderson, Founder and Chairman of Transocean Group, said: “As Australia charts the way forward to emerge from the disruption caused by the pandemic, it is important to support the creation of new businesses.

“Veromo is unique in the way it provides entrepreneurs with transparent and inexpensive ways to get to market quickly. It overcomes the administrative formalities and administrative formalities associated with starting a business.

“In an increasingly digital world, customers expect to be able to build and run a business completely online, but they also want to make sure their data is secure. The partnership between Veromo and InterSystems creates a powerful means to achieve this.

Additionally, banks that use the RaaS solution provided by InterSystems and Veromo can mark it blank so that customers only see the bank’s brand.

This allows the bank to take advantage of the logic of the registration mechanism while keeping the data secure in its own online environment.

Veromo CTO Ron Bowler said: “The InterSystems IRIS data platform enables us to quickly and easily create, manage and develop data-rich solutions for our customers.

“It helps us easily connect to an ever-growing number of third-party systems, which enables banks to deliver new products and services to their customers more quickly.

“Most importantly, InterSystems is a trusted partner that goes above and beyond to ensure our success.”

Banks that offer InterSystems / Veromo RaaS will have the added benefit of improving customer engagement and loyalty through the ability to hyper-personalize products and services.

Aho says, “Australian banks have a huge opportunity to benefit from hyper-personalization, but they can only do it by turning the many mountains of data they have into actionable insights in real time.

“We find that in the banking industry data tends to be locked in silos related to specific trades or applications. InterSystems IRIS allows this data to be aggregated and harmonized so that the bank can have a complete 360-degree view of its customers and their needs. .

“This gives the bank the ability to personalize products and services down to the individual customer level, which exponentially improves the customer experience and strengthens relationships with customers. “

Henderson says, “In today’s landscape, banks need to deliver digital options to customers at all times of the day. Banks outside of the first four don’t necessarily have the resources to build a bespoke RaaS engine or apply effective data harmonization and analytics capabilities to maximize the value of their data.

“Together, InterSystems and Veromo have solved this challenge, helping mid-sized banks play a key role in supporting the development of new businesses that will go a long way in rebuilding the Australian economy. “

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