Vermeg, the Paris-based software provider, says its MEGACOR corporate actions processing application has won two gold awards in the CityCompass benchmarking exercise.
The benchmarking process and report assess systems on their general functionalities and on specific application to three markets: fund managers, custodians and broker-dealers.
The report was written by Andrew Chilcott, a senior analyst at Bloor Research, which works with CityCompass, with the assistance of a panel of practitioners.
MEGACOR was accredited with Gold Awards in the fund manager and custodian categories, but was unable to repeat the feat with broker-dealers because it lacks a live installation in the sector.
Vermeg says the report singles out MEGACOR as scoring particularly highly in data scrubbing, its rules based workflow engine, geographic coverage, flexibility in configuring events for individual markets, calculation of fixed interest entitlement, and depth and granularity of tax and claims management. It also points out that MEGACOR was the first corporate actions application to secure the new SWIFTReady Label for Corporate Actions.
“Vermeg have stood the test of time with their system that has a very impressive implementation record, honed by the difficulties of achieving successful installations in quality banks,” says Andrew Chilcott.
Philippe Rey, President of Vermeg, says he was pleased to win the two awards. “This benchmarking exercise [is] the only one of its kind in the market place where corporate actions systems undergo such a rigorous assessment by independent securities experts and users alike,” he says.
MEGACOR, now available on J2EE architecture, is an ISO 15022 compliant corporate actions processing system which automates a wide range of events from the initial corporate action data input to its final execution.