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Vermeg's Settlement and Corporate Action Systems Achieved 2008 Swiftready Label Accreditation

VERMEG, the global securities processing software specialist, has once again seen both its securities settlement and its corporate action solutions meet with the SWIFT recognition and remains one of only two companies worldwide to be awarded the 2008 SWIFTReady Label in both the Securities Settlement and Corporate Actions categories.

Megacustody®, the settlement module of the extensive Megara® securities processing platform was awarded the SWIFTReady Label in Securities Settlement for the seventh year in a row. In order to be accredited, Megacustody® had to meet SWIFT’s strict criteria, which are upgraded every year, to ensure maximum STP (Straight Through Processing).

Megacor®, VERMEG’s automated corporate actions solution, has been certified with the SWIFTReady Label in Corporate Actions ever since the Label was introduced in 2003.

Chirtian Cure, VERMEG’s EVP, Sales commented: “VERMEG is proud yet again to be one of only two global software specialists whose Securities Processing and Corporate Actions solutions have both met all of SWIFT’s criteria, confirming that clients installing these solutions are assured of not only vastly improving the degree to which their securities processing is automated, but also of always keeping totally up to date with all changes in market practices”.

He added: “Our long-standing and close relationship with SWIFT provides year after year even more value to all our clients using our securities processing platform, examples being Bank of France which has gone live recently with Megara® on the basis of the 2008 Swift release and Absa Capital Investor Services (member of the Barclays group) which is implementing our securities processing platform in South Africa”.

Hervé Valentin, Business Development Manager, Partner Management at SWIFT commented: “Earlier this year, SWIFT announced a complete revamp of the way it manages its relationship with partner organisations, to encourage efficient solutions offering that deliver value and provide market driven benefits to the financial organisations. VERMEG’s commitment to get its Megacustody® and Megacor® products certified by SWIFT fits nicely within this new framework. Their SWIFTReady Securities Settlement and Corporate Actions labels assure any Financial Institution that compliance with local standards and practices is supported, tested by SWIFT and evidenced through multiple successful live implementations with SWIFT customers”.