The National Bank of Kuwait (NBK) has gone live with Vermeg's J2EE-based securities processing platform Megara and corporate actions system Megacor.
Megara automates middle and back office functions and manages a range of operations including settlement of securities transactions, internal and external transfers, order management, trade execution and cash management. The Megacor product automates the entire corporate actions process.
NBK will use the technology support sub-custody services that will be provided to non-resident institutions in the Kuwaiti market.
Bader Al-Turkait, senior manager at NBK says the bank was looking for a custody and clearing system that could be implemented rapidly and provide Swift compatibility and support for international standards.
Christian Cure, EVP at Paris-based Vermeg, says the bank is the first in the Middle East to install its technology.