Vermeg Consolidates 26 October 2010SIBOS Reporter: Justin Lawson
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Vermeg, announced today that after a successful ten year collaboration with Societe Generale Securities Services (SGSS), the 6th largest worldwide global custodian and the 2nd largest in Europe, a framework agreement has been signed, which will establish Megara as its preferred solution in selected countries and will make it one of the most operationally used custody systems, within a variety of diverse markets, globally. Megara, a SWIFTReady platform, has also recently been awarded with the exclusive B.I.S.S. Accreditation, which only denotes high quality systems or services, independently validating Megara as a state-of-the-art system capable of broad international securities settlement.
The framework agreement demonstrates the high level of trust and confidence that SGSS has in Vermeg's ability to supply and support high quality technology solutions on an international scale. Megara has been successfully installed SGSS custody operations in Greece, Morocco, South Africa and Spain and is now live in Egypt.
The framework agreement provides Vermeg with significant opportunities for Megara to be installed across a selected number of countries, particularly within SGSS international network, enabling them to supply operationally efficient custody services.
Etienne Deniau, Head of Custody and Trustee Services at SGSS said "It is part of SGSS' strategy to use standard technology across selected markets to offer our clients the benefits of consistent messaging and reporting. Vermeg has demonstrated their expertise over the years and working with them helps us to offer high level services to both international and domestic investors".
Christian Cure, Business Development Director from Vermeg said "Vermeg has a very strong bond with SGSS which has been built upon trust and the support of our systems and services delivered over the last ten years. The confidence that SGSS has demonstrated in Vermeg, our technology, solutions and services is underlined by this framework agreement. We have already been heavily engaged in implementations as a result of this landmark agreement, which we are certain, will prove highly successful for SGSS. The live running of Megara at SGSS in Egypt and the SGSS' on-going migration in South Africa into the new Megara internet-based platform are just the beginning as Vermeg moves forward as a major supplier of international settlement systems in the securities markets"
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