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Vermeg’s MEGACOR first to be awarded new SWIFTReady Corporate Actions Label

Paris, 30 July 2003- Vermeg, the specialist Securities Processing and Fund Management software provider, announced today that its MEGACOR solution has been the first to be accredited by SWIFT with its new Corporate Actions SWIFTReady Label. SWIFT has introduced the new category in its Labeling program in recognition of the growing awareness by securities processing firms of the need to automate a traditionally very manual and risk prone process.

MEGACOR, which is fully ISO 15022 compliant, not only provides SWIFT messaging and workflow management, but also automates the whole life- cycle of Corporate Actions, from announcement capture through entitlement calculation, event execution, tax calculation and tax reclaim, interfacing real time with users’ existing systems. MEGACOR is currently used by 12 clients, covering Corporate Actions in over 60 markets.

"SWIFT decided to offer a SWIFTReady Corporate Actions Label to enable our customers to more effectively shortlist Corporate Actions Applications. 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", said Catherine Marks, SWIFT Securities Markets. "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 core 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. The Labeling process conforms to strict criteria determined by SWIFT and is 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" said Philippe Rey, Vermeg’s President. He added: "It is independent confirmation that both MEGACOR and MEGARA are now considered as benchmark solutions for the industry."