Vermeg, the Paris-based securities services software provider, announced today that its MEGACOR corporate actions solution has secured a SWIFTReady Label.
MEGACOR, which is fully ISO 15022 compliant, provides SWIFT messaging and workflow management, but also aims to automate the entire corporate actions lifecycle, from announcement capture through entitlement calculation, event execution, tax calculation and tax reclaim. It has a real-time connection with users’ existing systems. MEGACOR is currently used by twelve clients, covering corporate actions in over sixty markets.
“SWIFT decided to offer a SWIFTReady Corporate Actions Label to enable our customers to more effectively shortlist Corporate Actions Applications,” says Catherine Marks of SWIFT Securities Markets in London. “A strict definition of the correct business flows or the ISO 15022 Corporate Actions messages and adherence to Global Market Practice guidelines are part of the label criteria. As ISO 15022 is fundamental for greater STP for Corporate Actions processing, SWIFT felt it was critical that the Application provider was able to demonstrate correct usage of the ISO 15022 messages, as well as SWIFT connectivity. We are very pleased to award the SWIFTReady Corporate Actions Label 2003 to MEGACOR and are looking forward to another year of successful cooperation.”
At the same time, Vermeg confirmed that its custody product, MEGARA, has been awarded the SWIFTReady Gold Label in the Securities Custody and Settlement (previously known as Securities) category for the second year in a row. The SWIFTReady Gold Label is the highest form of accreditation provided by SWIFT to vendors of solutions in a number of financial markets, according to criteria which are reviewed every year.
“The accreditation in both categories is further evidence of Vermeg’s continuing commitment to the securities processing industry and its ability to rapidly integrate SWIFT’s evolving requirements into its solutions,” says Philippe Rey, Vermeg’s President. “It is independent confirmation that both MEGACOR and MEGARA are now considered as benchmark solutions for the industry.”