BFI announced today that its securities processing solution for custodian banks, MEGARA, has been accredited with the SWIFTReady Gold Label for 2002 by SWIFT.
The SWIFTReady Gold Label is the highest form of accreditation provided by SWIFT to vendors of solutions in a number of financial markets. The Labelling process conforms to strict criteria determined by SWIFT and is reviewed every year. Currently, no other securities processing system has been awarded the SWIFTReady Gold Label for 2002.
MEGARA met SWIFT’s requirements for a Gold Label thanks to the wide scope of SWIFT messages it can handle in a Straight Through Process (STP) mode. All the messages, including those relating to trade order management and corporate actions, are fully ISO 15022 compliant.
Badreddine Ouali, Managing Director of BFI said ” We are extremely happy that MEGARA has satisfied all of SWIFT’s stringent requirements, and are grateful to SWIFT for its ongoing encouragement and advice regarding further developments of the system. We would also like to thank all our users for the confidence they have shown in our solutions over the years. Attaining the standards set by SWIFT has taken a lot of effort, but it has been worthwhile: the Gold Label accreditation proves that MEGARA is in the fore-front when meeting the rapidly changing demands of the securities industry.”
“SWIFT has worked closely with BFI over the past few years and we are pleased to see the evolution of their securities product.” said Mr. Victor Abbeloos, Head of Partner Solutions at SWIFT. “By implementing over 30 different SWIFT securities message types, BFI is enabling customers to fully benefit from the value-added and business functionality of the new ISO 15022 messages.”