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 labelling 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, interfacing real time with usersâ existing systems. MEGACOR is currently used by 18 clients covering Corporate Actions in over 60 markets.
Philippe Lecomte, Manager Partner Solutions at SWIFT said: âIt is very rewarding for SWIFT to see how leading application providers such as Vermeg are committed to comply with the quality criteria SWIFT sets for financial applications. In this case, we are pleased to confirm the SWIFTReady Securities Settlement 2006 label for MEGARA and the SWIFTReady Corporate Actions 2006 label for 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.â
âMEGARAâs accreditation with the SWIFTReady Securities Settlement Label for five years in a row shows its successful evolution, keeping up with continuous market changes. In addition, all of Vermegâs solutions, including MEGARA and MEGACOR, are now available in JAVA J2EE architecture, and more and more clients are benefiting from the greater flexibility and ease of implementation this bringsâ commented Philippe Rey, President of Vermeg