Vermeg’s Megara selected by the Eurosystem
MARCH 30, 2018
Vermeg, the software provider for banking and insurance, is pleased to announce that Banque de France and Banco de España have jointly chosen the Vermeg’s Megara services in order to build the Eurosystem solution for the management of collateral operations of the National Central Banks of the Eurosystem.
This solution, known as the Eurosystem Collateral Management System (ECMS) is an initiative to integrate the central banks collateral operations and thus contribute to further consolidate the financial market infrastructure in Europe including increased harmonization of collateralization techniques and procedures.
The ECMS project aims at increasing the efficiency of domestic and cross-border collateral mobilization and liquidity management.
Vermeg solution has been selected further to a rigorous tender process, taking into account functional scope, capacity of integration, technical architecture and system reliability and performance.
Megara will technically support the collateral operations of the eurozone central banks on a common platform provided and operated by Banco de España and Banque de France while ensuring strict data segregation across the full range of functionalities.
Pascal Leroy, Vermeg CEO said: “We are extremely pleased to have won this prestigious contract that demonstrates our deep collateral management expertise accumulated over the last decade.
This major achievement further extends our global footprint within the central bank community in the collateral management and post-trade processing area.
We look forward to closely working with the Eurosystem to achieve their objectives”.