Vermiculus delivers Microservice-based VeriClear™ Solution to OCC

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STOCKHOLM, Jan. 24, 2024 /PRNewswire/ -- Vermiculus Financial Technology, a global provider of clearing, trading and CSD technology, has delivered a microservice-based solution built upon on VeriClear, an elastically scalable, AI-powered, cloud-native, real-time risk system to The Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organization.

As part of OCC's ongoing development of its forthcoming platform, Ovation, OCC chose Vermiculus' modern and flexible solution with its superior microservices architecture that allows for deployment of a selection of microservices and applying changes on the fly.

"The way that Vermiculus' designed their risk application fit very nicely with the modular design and use of real-time data in OCC's new Ovation platform," says John Martino, Managing Director at OCC.

Vermiculus' microservices are designed for easy integration with surrounding systems. They can easily be added to existing or new systems because of their unique and flexible architecture without the need of undertaking a large and complex project.

Ovation's development is part of OCC's Renaissance Initiative, a multi-year effort to comprehensively redevelop and modernize its technology infrastructure. When complete, it will streamline OCC's operational framework, enhance its risk tools and establish a more robust data management system to better serve market participants.

"For us at Vermiculus, OCC is an ideal customer as we share a visionary mindset of utilizing transformative and modern technology. We are proud to be part of transforming OCC's technical infrastructure with our best-in-class microservices and continue our relationship with a highly valued customer," says Taraneh Derayati, CEO of Vermiculus, and continues: "Our state-of-the-art system will support OCC in a landscape of changing regulatory frameworks and market requirements."

VeriClear, the real-time system from Vermiculus, allows for unmatched scalability and modularity for top performance and security, whilst maintaining usability through a comprehendible user interface. It enables clearing houses all over the world to manage their clearing in real time as well as to allow margin and settlement savings for their clients, improved risk management, extreme performance, and efficient operations. 

Taraneh Derayati, Chief Executive Officer of Vermiculus; John Martino, Managing Director at OCC

About Vermiculus Financial Technology

Vermiculus Financial Technology AB provides cutting-edge trading, clearing, and CSD solutions to market participants around the world. Vermiculus' solutions are the first to bring state-of-the-art advances in dynamic microservice architecture together with vast experience in clearing house, exchange, and CSD business requirements. 

Vermiculus' solutions radically improve robustness, quality, and flexibility by utilizing AI-driven microservices, and can achieve superior environmental performance, elastic scalability, and cost-efficiency through SaaS and cloud-based deployment. 

The company started its operation in 2020 and is founded by industry experts with the incentive to revolutionize the technology of exchanges, clearing houses, and CSDs. With its headquarters in Stockholm, Sweden, Vermiculus consists of hand-picked teams, trained to deliver mission-critical solutions. With decades of accumulated knowledge and expertise, the team has previously completed 75+ projects for the world's largest exchanges, clearing houses, and CSDs.

CONTACT:

For further information, please contact:

Taraneh Derayati - CEO
Vermiculus Financial Technology
Tel +46-(0)73 634 56 26
[email protected] 

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SOURCE VermiculusFT