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Vermeg's Solutions Again Meet SWIFT's Highest Standards

Vermeg, the specialist Securities Processing and Fund Management software provider, announced today that 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. 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.

MEGARA is a global securities processing platform which has enabled the successful automation of the middle to back office tasks of major banking institutions in 15 countries across four continents. MEGARA is a suite composed of 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 Central Depositories.

Also today, Vermeg confirmed that its MEGACOR solution has again been accredited by SWIFT with its Corporate Actions SWIFTReady Label. MEGACOR was the first corporate actions solution to be awarded the Label when SWIFT introduced the new category in its labeling program last year 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 it also automates the whole life-cycle of Corporate Actions 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 covering Corporate Actions in over 60 markets.

Francis Remacle, Head of Securities Industry and Member of the Executive Committee at SWIFT said, “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. 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,” said Philippe Rey, Vermeg’s President. He added, “It is independent confirmation that both MEGACOR and MEGARA remain benchmark solutions for the industry.”