Banque de Luxembourg needed to enhance its existing core banking system in order to be able to process Corporate Actions in a fully STP manner. After a selection process which began in July 2004, involving 5 potential providers and a number of detailed workshops, MEGACOR was chosen as the solution with the richest functionality and the most cutting edge technology. The implementation has commenced and the live date is scheduled for September. The application will run on a Websphere 6.0 server.
Muriel Derreux â Head of Corporate Actions & Income Processing at Banque de Luxembourg said: "We act as custodian for a number of large institutional customers. In addition to the increasing complexity of corporate actions, our clientsâ needs â especially in regard to deadline and exception management, made it obvious that we would not be able to achieve major improvements in terms of service quality and operational risk management without a radical change of the way corporate actions information was collected, processed and forwarded within our institution as well as to our customers. During the Proof of Concept, MEGACOR convinced us of its impressive advantages compared with the competition. With the implementation of MEGACOR, we will be able to offer our customers a proactive and customised corporate action service that also reduces the operational risk of the entire activity."
Philippe Rey, President of Vermeg added: "With Banque de Luxembourg, Vermeg is cementing its leading position in the Luxembourg marketplace. This is our third Megacor customer in this country, and the first for the new J2EE-based release. We are looking forward to a successful and long-term relationship with Banque de Luxembourg, one of Luxembourgâs oldest and most respected private banks".