Vermeg Client Support ‘par excellence’ reports B.I.S.S. Corporate Actions benchmarking

17 September 2008

B.I.S.S. Research, the exclusive research company offering a unique benchmarking of services and systems in the financial services sector, today announced that Megacor® has achieved the B.I.S.S. Corporate Actions Accreditation. The benchmarking report highlights Vermeg’s testing and customer support as the best in market with the system also exceeding the benchmarks set in a significant number of areas.

Gary Wright, C.E.O., B.I.S.S. Research and creator of the B.I.S.S. business benchmarking concept said “Vermeg has been entering the corporate actions benchmarking for 6 years and we have recorded the huge development of Megacor® as it continues to excel as one of the most comprehensive corporate actions solutions in the market.

This years benchmarking focussed on the services offered by the vendors and value added functionality within the corporate actions systems and in this regard Vermeg’s testing, functionality and development environment were simply outstanding.

In addition the 2008 benchmarking assessed Megacor® in terms of offering assistance in MiFID compliance and the capability of enhanced asset servicing. The panel and the analyst were equally impressed that Megacor® can bring significant benefits to its users in complying with new rules as a result of MiFID as well as improved asset servicing for investing clients.

We are delighted that Megacor® has once again achieved the B.I.S.S. Accreditation in all three market sectors of Asset Managers, Broker/Dealer and Custodian. ”

Badreddine Ouali, Vermeg’s CEO, added: “We are very pleased once again to have scored so highly in all the benchmark criteria. This year, the analysts were able to visit Vermeg’s R&D centre in Tunis, and their report therefore provided the panel with a more in-depth appreciation of Vermeg’s extensive testing, functionality and development environment, spanning the whole range of securities servicing products, including Megacor.

As an early participant in the Benchmarking exercise, going back to 2003, we have seen how, each year, the Benchmarking has achieved ever-greater market recognition, providing financial institutions seeking to automate corporate actions processing with an objective assessment of systems available and therefore speeding up and making more efficient the selection process.”

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