Newsletter SOLIAM Issue 11 | Q3 | 2022
Date
LabUC -Discover the collective ideation and innovation for Unit-Linked
Shaking up the world of Unit-Linked: this is the ambition of the LabUC proposed and led by SeaBird in partnership with VERMEG.
Throughout the year, the collective shares its inspirations and complementary expertise to offer the insurers new and comprehensive insight into disruptive and strategic market themes related to Unit-Linked products.
The LabUC offers events and publications. Our upcoming meeting, “Retirement savings: who is best equipped to win the battle of Unit-Linked insurance plan (ULIP)?” will take place on Thursday, October 20th, at the SeaBird offices.
Know more about LabUC’s latest publication for the Unit-Linked offer diversification.
Migration to the New SOLIAM
Several migration projects have been started this year to continuously improve our client’s services and prepare for the end of support for the Flex versions.
Indeed, VERMEG will no longer support SOLIAM versions based on Flex (versions before 14) in the future. To achieve this objective, we have carried out several actions:
- Start new customer projects on Angular versions (14 or 15)
- Plan the migration of RUN clients from the year 2022 to Angular versions
- No longer carry out new functional developments on versions before 14.
Several clients have already started the migration with the active assistance of Vermeg. The migration process has been optimized and automated.
Currently, we are planning the migration of 3 RUN insurers. These migration projects should start in Q4-2022 and end in 2023.
VERMEG allows a fairly smooth migration of RUN migration projects to facilitate validation work on the client side.
We, therefore, encourage all our RUN customers to contact their account managers to accelerate the migration of SOLIAM to the most recent version. The migration will undoubtedly solve the problem of vulnerability linked to the Adobe Flash player. Still, it will also enable the client to take advantage of all the new business functionalities available on the Angular versions and the ergonomic developments made thanks to the review of the UX/UI paths of SOLIAM and the use of new technology components.
Custodix News
The new Custodix release supports three new Luxembourg custodians. The supported files cover the flow of operations, securities, and cash positions.
Today Custodix is in production at two SOLIAM customers. 4 other projects are being implemented.
In addition to the custodian messages supported by Custodix:
⁄ FIN Swift messages (MT515, MT535, MT300, MT54x, MT900, MT910, MT941).
⁄ ISO 20022 Swift messages (Setr.016.001.04, Setr.006.001.04, Setr.012.001.04, Camt053.001.08, Camt054.001.08).
⁄ 13 custodian messages from Luxembourg & Switzerland.
SOLIAM will be interfaced with Custodix to support Bloomberg. The interface with Bloomberg will automatically allow data management to quickly create new assets to manage the workflow of SWIFT messages with depositaries.
Interfacing with Bloomberg will be carried out for the creation and updating of assets and securities prices, rates and currencies.
SOLIAM: Security update
As VERMEG continuously improve the security of its software, several contributions have been made to lock the SOLIAM FO and BO screens against potential threats.
For instance, SQL queries (FO & BO) have been encrypted to secure the system further.
We, therefore, invite our customers who have not already migrated to the most recent version to do so.
SOLIAM: Release update
The new version 15.2, which will be released in mid-November, will provide several functional changes, including the addition of new categories of difference in corporate action at the UC cycle level, a new workflow in price control and repository injection via the BO.
I – The addition of new categories of difference on CA:
The objective of this development is to allow the improvement of the differences in the Asset/Liability Reconciliation process. The liability system sends CA flows in the form of purchases/sales. These flows can generate residual differences, leading to the generation of adjustment orders. With this new development, the system can detect deviations due to corporate actions. Thus, it will be possible to classify them at the level of structural differences, and it will not generate adjustment orders.
Two new structural differences have been added to identify corporate action transactions:
- Corporate action absent from the liability system: This difference is determined when the corporate action is realized in SOLIAM but not sent by the liability system via the investment/disinvestment flows
- Ongoing corporate action in the liability system: This difference is identified when the corporate action does not comply with the liability system or when the operation has not yet been completed.
This new development will allow better management of daily asset/liability discrepancies to be more responsive in correcting adjustment orders.
II – Price control:
The objective of this development is to set up control on injected prices to follow the evolution of these prices and ensure the completeness of the prices.
The idea is to set up thresholds for triggering an alert on the price variation at the level of the price’s origin. This allows different thresholds for automatic price injections or manual price entry. In addition, a new four eyes control provides a user to validate prices exceeding the authorized threshold and entered by a first user.
Thanks to this development, it will be possible to quickly visualize price deviations in a FO dashboard and be able to correct or validate them.
III – Repository injection via SBO interfaces :
This development aims to add the ability to inject assets, announcements, third party, holidays, and operations via new menu entries instead of using the SOLIAM injection command.
VERMEG is delighted to achieve again IEC/ISO 27001 certification
VERMEG is delighted to announce that we have achieved IEC/ISO 27001 certification again, following a successful audit by Ernst & Young CertifyPoint of our headquarters in Tunis and the international offices in New York, London, Paris, Brussels and Luxemburg. We achieved an almost perfect score.
ISO27001 is an essential international standard for information security. This, along with our SOC II Type 2 certification, clearly indicates our commitment to delivering quality and secure services to our customers globally.
Congratulations to all VERMEG teams, and here’s to a safe and secure environment!