Vermeg, the global securities processing software specialist, has announced today that Absa Capital, the investment banking division of Absa Bank Limited, has gone live with Vermeg's securities processing platform Megara.
By implementing Megara, Absa Capital has chosen to optimise its custodial, clearing and settlement services, while delivering superior value-added services to its clients.
In particular, Megara will support full Straight Through Processing with several markets including Strate, the local CSD for the listed equities and bonds, and access to international markets. The electronic money market implementation is in full swing, and will be subject to the next phase implementation.
Vermeg's and Absa Capital's teams successfully completed the implementation after an intense work period. This achievement was made possible thanks to the strong dedication and commitment of the combined project teams, and the deep expertise of the South African market provided by Vermeg.
Bennie van der Westhuizen, Head of Custody at Absa Capital said: "Megara offers a host of benefits. It is an internationally recognised system offering extensive opportunity to integrate between Absa Capital and the clients. Additionally, the system allows us to deal on a Straight Through Processing basis for all types of asset classes. We can now expand our range of services far beyond vanilla custody and settlement services."
Christian Cure, Vermeg's EVP said: "Vermeg is expanding its position in the South African marketplace. We are pleased to see the rapid and growing acceptance of our solution, which is emerging as a leading custody platform on the international markets. We look forward to a successful and long-term relationship with Absa Capital."