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Vermeg scores again with MegaCor™ Accreditation

B.I.S.S. Research, the exclusive research company offering the elite industry accreditation of systems & services for the financial services sector, today announced that Vermeg’s corporate action system MegaCor™ has achieved the 2011 B.I.S.S. Corporate Actions System Accreditation. MegaCor™ gained commendations for its all-round processing capabilities and its flexibility to be installed internationally. The Accreditation Report freely available to employees from regulated financial services firm, to be published by B.I.S.S. Research after Sibos, also states that Palmyra™ the development framework created by Vermeg is one of the fastest and most efficient technologies available in the market today and provides Vermeg with significant advantages in creating bespoke developments for its customers. The report also states that Vermeg business continuity plans proved exemplary during the political revolution in Tunis earlier this year, maintaining ‘business as usual’ conditions for customers and its business. Further acknowledgments in the report noted the use of MegaCor™ as SaaS, for a Nordic customer and the ability of the system to accommodate forthcoming requirements for FATCA.

Gary Wright, C.E.O., B.I.S.S. Research and creator of the B.I.S.S. Accreditation said “We are delighted that Vermeg has once again achieved the B.I.S.S. Industry Accreditation. This is recognition of the fantastic work that the Vermeg team has done to make MegaCor™ such a great corporate actions system. During the accreditation process we always look closely at the vendor and this year because of the revolution in Tunis, the analysis of Vermeg’s business continuity capabilities was even more pertinent than usual. Vermeg performed remarkably throughout this tough period and no customer was impacted, proving Vermeg’s efficiency and the commitment of all its employees to its customers. We were delighted to see that one of the Vermeg customers is already operating under a SaaS model and believe this could be an indication of a future trend. The Palmyra™ development environment has been operating within Vermeg for the last few years and has really been providing exceptional advantages for fast, high quality development and is now offering increasing scope for business expansion. We also note the expansion of Vermeg’s customer base into the UK and across Eastern Europe and believe this to be a remarkable achievement in exacting market conditions. We will be monitoring Vermeg and the development of the Megara™ suite (including the MegaCor™ module) through the coming year and look forward to seeing how it will take its success to the next level.”

Christian Cure, Director Business Development, Vermeg said “It has been an exciting year for Vermeg; we have realised growth in all areas of our business, gaining new customers in Eastern and Northern Europe and most recently in the UK and to receive this prestigious Industry Accreditation for MegaCor™ adds to our record of achievements. We have strengthened our position as one of the leading suppliers of high quality settlement and custody systems and have made great strides in ensuring that the Megara™ suite, is fully SaaS capable, to enable us to provide a variety of implementation options for our customers. We are especially happy that the B.I.S.S. Accreditation Report highlights Palmyra™, our SOA framework, which can provide fast bespoke development for those customers who want to keep control and ownership of the application, with a quick time to market."