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 usersâ 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 Vermegâs continuing commitment to the securities processing industry "said Philippe Rey, Vermegâs 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."