Vermeg, the provider of securities processing and fund management software applications, says its core custody product, MEGARA , has been awarded the SWIFTReady Gold Label in the Securities Custody and Settlement category (previously known as Securities) for the third year in a row.
MEGARA is a securities processing platform for the automation of the middle to back office tasks of major banks. It has clients in fifteen countries.
Vermeg says its six functional modules can be implemented on a stand-alone basis, interfacing with existing legacy systems, or installed together as a whole. All of the modules share the same master files/data base and administrative rules, as well as connections to services such as SWIFT and local CSDs.
Vermeg adds that its MEGACOR corporate actions solution has also secured from SWIFT a Corporate Actions SWIFTReady Label. MEGACOR was the first corporate actions solution to be awarded the Label when SWIFT introduced the new category in its validation programme last year.
ISO 15022-compliant MEGACOR provides SWIFT messaging and workflow management. It aims to automate the corporate actions lifecycle from announcement capture through entitlement calculation, event execution, tax calculation and tax reclaim, and interfacing real time with users’ existing systems. MEGACOR is currently used by 14 clients in 60 markets.
“We are very pleased again to award the SWIFTReady Gold Label for Securities Custody and Settlement to MEGARA for 2004 and the Corporate Actions Label 2004 to MEGACOR,” says Francis Remacle, head of securities industry and a member of the executive board of SWIFT. “The Partner Solution program is strategic for SWIFT users in their effort to improve Straight Through Processing and reduce costs. We are, therefore, looking forward to such initiatives and to another year of successful cooperation with Vermeg.”
“The renewed 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,” adds Philippe Rey, Vermeg’s President. “It is independent confirmation that both MEGACOR and MEGARA remain benchmark solutions for the industry.”