Vermeg, the securities processing software supplier, announced today that its corporate actions automated solution, Megacor, has been installed and gone live at Banque et Caisse d’Epargne de l’Etat (BCEE) in Luxembourg.
Being both a global custodian for institutional and private clients, as well as a sub-custodian for shares listed in the Luxembourg market (equities, bonds and investment funds), BCEE decided to automate its handling of corporate actions to be in a position to better respond to the needs of its clients in anticipation of the new ISO 15022 message standard, says Vermeg.
Megacor was chosen out of five systems reviewed. The solution is “stand alone”, interfacing with BCEE’s existing settlement and accounting systems based on an IBM mainframe.
“Since mid 2000, our bank worked on the introduction of the new ISO 15022 messages” says Carlo Matagne, head of the Securities Department at BCEE. “Firstly, we have adapted our in-house securities transactions processing system for settlement and reconciliation messages. But, during the first quarter of this year, we decided to buy an external solution capable of handling the new corporate actions messages.We chose Megacor because we were impressed by its extensive STP functionalities and also because of the expertise and the advance made byVermeg concerning ISO 15022.The project has been remarkably led jointly by Vermeg and BCEE : on time and within budget. Megacor offers us a solution which reduces the operational risk and at the same time it increases the operational efficiency of our securities department and provides an extended customer service”.
” We are delighted to have had the opportunity of implementing Megacor at BCEE,” adds Philippe Rey, president of Vermeg. “The implementation, which required interfacing with BCEE’s mainframe systems, underscores the flexibility of Megacor and its highly customisable features together with its powerful STP engine.”