VERMEG launches software solution to connect European banks into ECMS
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VERMEG launches software solution to connect European banks into ECMS 13 December 2021Netherlands Reporter: Carmella Haswell
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VERMEG, a software house covering banking, wealth and asset management and Insurance, releases software solution EASY Collateral by VERMEG.
The solution enables European Banks to be ready for connection and operation with the Eurosystem Collateral Management System (ECMS), which launches in November 2023.
Designed to replace the current structure operated by 19 central banks, ECMS is a unified system for managing assets used as collateral in Eurosystem credit operations.
As many banks rely on legacy systems, many of them will need to undertake software upgrades to ensure they can connect into the new ECMS. VERMEG’s new modular software solution enables banks to do exactly that.
Comprising multiple components, such as corporate actions, credit claims and new ISO 20022 messaging, banks can use the whole solution or pick up only the components that they need, depending on their requirements.
Khaled Ben Abdeljelil, senior vice president of product, VERMEG comments: “Our new software ‘EASY Collateral by VERMEG’ gives European banks the flexibility of a customised solution to upgrade their internal systems, with decision making support available once ECMS is live, to help them optimise their collateral management.
“As VERMEG was responsible for developing the software that underpins the new ECMS platform, combined with our expertise in collateral management and over 15 years experience working with key European central banks, we’re positioned to help European banks prepare their systems, and then support them on collateral allocation ongoing.”
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