Vermeg, the specialist Securities Processing and Fund Management software provider, announced today that FIDEURAM Bank (Luxembourg) has gone live with the installation of MEGACOR, its Corporate Actions solution.
In early 2004, FIDEURAM Bank (Luxembourg) has added a new function to its activities by acting for the first time as a global sub-custodian for another depository bank and, accordingly, needed to capture and produce first quality ISO15022 Corporate Actions messages.
After analysis of several products, MEGACOR appeared as the most flexible, user-friendly and market-orientated solution. MEGACOR has easily been linked to Fideuram's own in-house securities application and today allows full STP treatment of all corporate events from the market via Fideuram's applications to the client.
A representative of Fideuram commented: "6 months live with MEGACOR have definitely proved that we made the right choice. In fact, with MEGACOR we are ahead of the market, we only hope that the market will follow very soon."
Philippe Rey, President of Vermeg added: "With Fideuram Bank, Vermeg is expanding its position in the Luxembourg marketplace. This is our second Megacor customer in this country, and we are pleased to see the fast and growing acceptance of our Corporate Actions solution, which is emerging as a leading product in the market. We are looking forward to a successful and long-term relationship with Fideuram."