Vermiculus Delivers Microservice-Based VeriClear™ Solution To OCC
Stockholm, January 24, 2024 /PRNewswire/ — Vermiculus Financial Technology, a global leader in clearing, trading, and CSD technology, has successfully implemented a cutting-edge microservice-based solution built on VeriClear, its elastically scalable, AI-powered, cloud-native, real-time risk system. This novel technology has been provided to The Options Clearing Corporation (OCC), the world's largest stock derivatives clearing institution.
As part of OCC's continued development of its future platform, Ovation, Vermiculus' modern and versatile solution was chosen due to its excellent microservices design. This design supports the deployment of a wide range of microservices while also allowing for seamless real-time modifications.
John Martino, Managing Director at OCC, was pleased with Vermiculus' risk application design, citing its interoperability with the modular design and real-time data use in OCC's Ovation platform.
Vermiculus' microservices are distinguished by their ease of integration with surrounding systems, making them an excellent alternative for incorporating into existing or new systems. The distinctive and adaptable architecture removes the need for large and complex project initiatives.
Ovation's development is a critical component of OCC's Renaissance Initiative, a multi-year effort to completely revamp and modernize its IT infrastructure. The completion of Ovation is projected to streamline OCC's operational structure, improve risk tools, and provide a more comprehensive data management system to better serve market players.
Taraneh Derayati, CEO of Vermiculus, expressed delight in the relationship with OCC, highlighting their similar visionary attitude in using transformational and modern technologies. Derayati stated that Vermiculus' microservices will help to improve OCC's technical infrastructure, demonstrating their commitment to a valued customer.
VeriClear, Vermiculus' real-time solution, is distinguished by its exceptional scalability and adaptability, ensuring optimal performance and security while preserving usability via an intuitive user interface. It enables clearing houses globally to manage clearing in real time, resulting in margin and settlement savings, better risk management, superior performance, and operational efficiency.
Vermiculus Financial Technology, launched in 2020 by industry specialists, aims to revolutionize the technology landscape for exchanges, clearing houses, and CSDs. Vermiculus, based in Stockholm, Sweden, has a team of professionals with decades of combined knowledge and experience, having successfully completed over 75 projects for the world's top exchanges, clearing houses, and CSDs.
Vermiculus' solutions combine cutting-edge developments in dynamic microservice architecture with considerable experience serving the business needs of clearing houses, exchanges, and CSDs. The use of AI-driven microservices improves robustness, quality, and flexibility, while SaaS and cloud deployment provide greater environmental performance, elastic scalability, and cost-efficiency.
To summarize, Vermiculus Financial Technology's ground-breaking microservice solution, powered by VeriClear, is driving the transformation of OCC's infrastructure. The collaboration represents a shared commitment to innovation, modernization, and the supply of cutting-edge solutions in the rapidly evolving landscape of clearing, trading, and CSD technology.
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