MEGARA, combined with MEGACOR, the Corporate Actions module, was first implemented in 2002 in the SCHI Securities Services division in Madrid for 5,000 domestic institutional clients, to handle the processing and global custody of their cross border transactions. The system is handling 11,000 accounts and has been benchmarked to deal with 30,000 transactions per day. Subsequently, SCHI has migrated all its local sub-custody with international financial institutions to the MEGARA & MEGACOR platform , as well as all of the Custody Accounts belonging to its foreign institutional clients. The latter include, among others, an impressive list of the most prestigious Global Custodians and some CSDs, both National and International, as well as several International brokers .
Adolfo Garcia, Managing Director for Global Custody said "Legacy systems were unable to deal with the changing requirements of the securities industry. By installing a powerful system such as MEGARA and MEGACOR, built with the latest architecture and scalable features, we are able to deal on a Straight-Through Processing basis with the ever-increasing interest of our institutional clients in international and local assets of all classes, while providing them with expanded value-added services."
Luis Colin, head of the IT Division for the Investment Bank also said: "To successfully integrate this important new application in our Bank required the selection of the best tool available, MEGARA with MEGACOR, plus the expertise of a reliable vendor, Vermeg, and the whole commitment of our organization to strengthen our position in the Securities Industry."
Badreddine Ouali, founder and COO of Vermeg, added "Vermeg is delighted that SCHI has chosen our solution as the system with which to process all its institutional clientsâ transactions. The decision is further confirmation that MEGARA and MEGACOR, which are accredited with the SWIFTReady Labels for Securities Custody and Settlement and Corporate Actions respectively, provide the necessary flexibility and enhanced STP functionalities to satisfy the rapidly changing demands of both local and global custody markets"