Luxembourg custodian implements Vermeg corporate actions solution

Luxembourg custodian implements Vermeg corporate actions solution

Luxembourg-based Banque et Caisse d'Epargne de l'Etat (BCEE) has gone live with Vermeg's Megacor to automate its corporate actions processing.

Vermeg says its Megacor software is interfaced with BCEE's existing settlement and accounting systems, based on an IBM mainframe.

Carlo Matagne, head of the securities department, BCEE, comments: "Megacor offers us a solution which reduces the operational risk and at the same time it increases the operational efficiency of our securities department."

The implementation of the software was inspired by the introduction of new Swift ISO 15022 messaging standards, he adds.

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