Correction: CERC Chooses Vermiculus' Clearing Solution to Revolutionize the Receivables Market

STOCKHOLM, June 7, 2022 /PRNewswire/ -- Vermiculus has been chosen to deliver a real-time clearing solution to CERC, the main financial market infrastructure specialized in receivables in Brazil. In this cooperation, Vermiculus will provide a solution based on its modern clearing system, VeriClear^TM, which is an elastically scalable and AI-powered real-time clearing system. 

CERC has the mission to make the market of receivables more efficient and reliable and aims to achieve this by efficiently connecting stakeholders of multiple economic sectors. Attaining this demands a system with immense architectural integrity and flexibility that can adapt to the vast, diverse, and always changing requirements. It also seeks to maintain its cloud integration and therefore requires the most modern architectural solution. Furthermore, with CERC's rapidly increasing business, the need for a multi-functional and greatly advanced settlement clearing system is paramount.

"Vermiculus' VeriClear^TM perfectly matches our ambition to modernize and streamline our industry in a powerful way that has never been done before." 

– Marcelo Maziero, Co-Founder of CERC

CERC began its operations by pioneering the registry of trade invoices, which was later extended to include receivables from credit and debit cards, among other assets, making it a reference in this sector that moves trillions of Brazilian reais. Aware of this financial potential and the importance of receivables as collateral for credit transactions, CERC is expanding its services and is waiting for authorization from the Brazilian Central Bank (BCB) and Brazilian Securities and Exchange Commission (CVM) to operate a Settlement System and a Central Securities Depository, which will allow it to offer more services to further enhance credit transactions in Brazil.

The Vermiculus and CERC partnership is the beginning of a long and rewarding relationship between both companies. "We are excited to work together with the highly experienced and professional team at Vermiculus to develop a solution that supports our core objective of decentralizing data to reduce information asymmetry and help democratize the supply of credit so that more companies can benefit." says Marcelo Maziero, co-founder of CERC. "In order for us to meet our uniquely advancing business initiatives, extreme flexibility and performance are key, which Vermiculus already delivers."

Vermiculus' multi-asset microservices-based clearing solution, VeriClear^TM, provides comprehensive and flexible multi-currency settlement capabilities for clearing houses. The system allows for monitoring and managing receivables and risk in real-time across multiple markets as well as provides an in-depth overview of the transaction chain. The clearing system is optimized for being able to quickly adopt new business initiatives and product developments, with unparalleled scalability, adaptability, and customization. This is powered by intelligent APIs and AI functions which are presented with superior usability through its dynamic GUI dashboard. The analytical dashboard enables efficient drill-down possibilities and error handling through its algorithmic abilities and has the capacity to gather business intelligence.

Taraneh Derayati, CEO of Vermiculus says "Founded in 2015, CERC has built their business into one of the fastest growing marketplaces in Brazil with a uniquely diverse set of offerings. CERC's innovative nature and execution power for diverse growth make them a fantastic client for Vermiculus as we value innovation and progressive ambition. With this collaboration, we will continue to deliver our mission-critical technology with uniquely flexible solutions based on our pioneering microservices and AI architecture."

Derayati adds, "By working with such a forward-thinking client, we are set to deliver a powerful and modern product that is made-to-measure, fully adaptable, and of the highest performance."

About CERC

Headquartered in São Paulo and founded in 2015 with employees throughout Brazil and the USA, CERC is a financial market infrastructure (FMI) operating in several economic sectors with several types of receivables. The company provides solutions that add transparency and security for analyzing, registering, and controlling property and settlement of financial assets, so that these assets can be more easily used as collateral for credit transactions.

CERC is the first cloud-native FMI specialized in receivables with an outstanding role in clearing (settlement registration and control) credit card receivables. It is Brazil's largest FMI by volume of processed transactions. One of CERC's main objectives is to centralize data from thousands of companies' financial assets to reduce the information asymmetry that restricts market growth and supply more credit to businesses.

About Vermiculus Financial Technology 

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

For more information about Vermiculus and its product and service offerings, visit www.vermiculus.se or get in touch through info@vermiculus.se. 

CONTACT:

For further information, please contact:

Taraneh Derayati - CEOVermiculus Financial TechnologyTel +46-(0)73 634 56 26taraneh.derayati@vermiculus.se

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