Brussels, 1st. June 2005 - 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 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 labeling process conforms to strict criteria which are determined, and amended every year, by SWIFT. 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 in 2003, in recognition of the growing awareness by securities processing firms of the need to automate a traditionally very manual and risk prone process. A strict definition of the correct business flows for the ISO 15022 Corporate Action messages and adherence to Global Market Practice guidelines are part of the Label criteria.
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 data cleansing, entitlement calculation, event execution, tax calculation and tax reclaim, and interfacing real time with users’ existing systems. MEGACOR is currently used by 16 clients covering Corporate Actions in over 60 markets.
Olivier Roucloux, industry analyst at SWIFT said, "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. The Partner Solution program 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 "said Philippe Rey, Vermeg’s President. He added, "The migration of our solutions to JAVA J2EE architecture allows us to adopt all changing market requirements with even greater speed and flexibility."