Paris, April 20th, 2006 - Vermeg, the specialist Securities Processing and Fund Management software provider announced today that its core custody product, MEGARA, has been awarded the SWIFTReady Label in the Securities Settlement category for the fifth year in a row. The SWIFTReady 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 has enabled the successful automation of the middle to back office tasks of major banking institutions in 16 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 labelling 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, interfacing real time with users’ existing systems. MEGACOR is currently used by 18 clients covering Corporate Actions in over 60 markets.
Philippe Lecomte, Manager Partner Solutions at SWIFT said: “It is very rewarding for SWIFT to see how leading application providers such as Vermeg are committed to comply with the quality criteria SWIFT sets for financial applications. In this case, we are pleased to confirm the SWIFTReady Securities Settlement 2006 label for MEGARA and the SWIFTReady Corporate Actions 2006 label for 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.”
“MEGARA’s accreditation with the SWIFTReady Securities Settlement Label for five years in a row shows its successful evolution, keeping up with continuous market changes. In addition, all of Vermeg’s solutions, including MEGARA and MEGACOR, are now available in JAVA J2EE architecture, and more and more clients are benefiting from the greater flexibility and ease of implementation this brings” commented Philippe Rey, President of Vermeg