Santander Securities Services chooses MEGARA®
APRIL 26, 2017
Vermeg, the leading Software Provider for Financial Markets and Securities Services, has announced today that Santander Securities Services, S.A.U. (S3), a member of the Santander group and one of Europe and LATAM’s leading custodians, has chosen Vermeg’s securities processing platform MEGARA® for the management of its securities business in Colombia through the S3 subsidiary, “Santander Securities Services Colombia, S.A. Sociedad Fiduciaria”, which is currently under the regulatory authorization process of the “Superintendencia Financiera de Colombia”.
By choosing MEGARA®, S3 has demonstrated again its confidence in the capacity of Vermeg to support S3’s growth plans in Latin America and to deliver first class custody and settlement services to its clients.
Particularly, MEGARA© will enable S3 to support full STP (Straight Through Processing) with the local and foreign markets, all while offering state of the art monitoring tools allowing S3 to control the operational risk.
This is the second roll-out of MEGARA® in S3’s subsidiaries in Latin American countries, after Mexico in 2016: it strengthens a partnership that started nearly twenty years ago in Spain.
Rafael García Sánchez, S3’s Global CIO says “S3 understood the importance of having a local presence in Colombia to offer best-of-breed Custody & Settlement services to its institutional clients. The choice of Vermeg for the provision of the platform that will support these services demonstrates the confidence of S3 in Vermeg, its solutions and its expertise.”
Pascal Leroy, Vermeg’s CEO says: “We are very proud of the longstanding partnership with the Santander group, and this new project will consolidate even more our close collaboration with S3. With the Colombian reference, Vermeg is expanding its position in the LATAM region. We are pleased to see the rapid and growing acceptance of our solution, which is consolidating its position as a leading custody platform on the international markets. We look forward to a successful and long-term relationship with S3”.
VERMEG is a global leader in providing STP solutions, advanced technology and strong expertise in Securities Processing, Corporate Actions and Fund Management.
With a successful track-record of more than two decades’ experience in designing and implementing software solutions, Vermeg has established itself as a specialist in the market segments that the company serves. Among its clients are major financial institutions in more than 20 countries including local and global custodians and asset servicers, asset and wealth managers, pension funds and insurers, broker-dealers and central banks.
For more information don’t hesitate to visit Vermeg at: www.vermeg.com