Vermeg, the securities processing and fund management software provider, says its core custody product (MEGARA) has been awarded the SWIFTReady Gold Label in the Securities Custody and Settlement category for the fourth 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. The labelling process conforms to strict criteria which are determined, and amended every year, by SWIFT.
MEGARA is a global securities processing platform which aims to facilitate automation of the middle to back office tasks of banks. MEGARA has six functional modules, each of which may be implemented on a stand-alone basis interfacing with existing legacy systems, or together as an integrated 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 to CSDs.
Vermeg adds that MEGACOR has again been accredited by SWIFT with its Corporate Actions SWIFTReady Label as well.
MEGACOR was the first corporate actions solution to be awarded the label when SWIFT introduced the new category in its labelling program in 2003. A strict definition of the correct business flows for the ISO 15022 corporate action messages and adherence to global market practices are part of the label criteria.
MEGACOR, which is fully ISO 15022 compliant, aims to automate the life-cycle of corporate actions from announcement capture through data cleansing, entitlement calculation, event execution, tax calculation and tax reclaim.
“We are very pleased to award the SWIFTReady Gold Label for Securities Custody and Settlement to MEGARA for 2005 and the Corporate Actions Label 2005 to MEGACOR,” says Olivier Roucloux, industry analyst at SWIFT. “The Partner Solution programme is strategic for SWIFT users in their effort to improve Straight Through Processing and reduce costs. We are looking forward to another year of successful cooperation with Vermeg.”
“Another year of accreditation in both categories, despite ever more challenging requirements introduced by SWIFT, is further evidence of Vermeg’s continuing commitment to the securities processing industry,” says Philippe Rey, Vermeg’s President. “The migration of our solutions to JAVA J2EE architecture allows us to adopt all changing market requirements with even greater speed and flexibility.”