Vermeg completes Swift testing for corporate actions and proof of concept

Source: Vermeg

MEGACOR, Vermeg’s end- to- end Corporate Actions solution, has completed the SWIFTNet Testing and Certification Service Proof of Concept (POC) project for ISO 15022 corporate actions messages.

The POC is a SWIFT initiative to improve both market practice and the quality of corporate action messaging, thus leading to a greater degree of Straight Through Processing (STP) and a reduction of risk in the complex area of handling corporate events.

MEGACOR has also been accredited, for the fifth consecutive year, with the SWIFTReady Gold Label in the Corporate Actions category. Each year, the criteria for accreditation are revised by SWIFT, ensuring that the solution concerned is in full compliance with 15022 messaging standards and global market practices.

Christian Cure, Vermeg's EVP, Sales, commented: "We have strived continuously to maintain MEGACOR totally up to date with the latest developments in market practice and we therefore found the SWIFTNet POC a valuable benchmarking tool. We are delighted that the successful completion of the POC confirmed MEGACOR's high quality of 15022 messaging and its high level of STP".

Max Mansur, Product Manager at the Swift Securities Industry Division added: "Vermeg's participation in SWIFT's proof of concept has definitely contributed to our initiative to provide a test and qualification service. This underscores Vermeg's commitment to deliver industry market practice through their products".

Commenting on the renewal of the SWIFTReady Gold Corporate Actions label, Hervé Valentin, Business Development Manager, SWIFT said: "We are pleased to award Vermeg with the SWIFTReady Gold Corporate Actions label for this flagship product MEGACOR. Since their first product accreditation in 2003, Vermeg has shown its commitment to serve the industry with a product that conforms to SWIFTStandards as well as the best practices set by the Securities Market Practices Group (SMPG)".

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