Spain's Santander Central Hispano Investment has moved all of its custody business to Vermeg's Megara and Megacor securities processing and corporate action platforms.
The Vermeg software was first implemented in 2002 in the SCHI Securities Services division in Madrid for 5000 domestic institutional clients, to handle the processing and global custody of cross-border transactions. The system is handling 11,000 accounts and has been benchmarked to deal with 30,000 transactions per day.
Subsequently, SCHI has migrated all its local sub-custody with international financial institutions to the Vermeg platform, as well as all of the custody accounts belonging to its foreign institutional clients.
Adolfo Garcia, managing director for global custody says the bank's legacy systems were unable to deal with the changing requirements of the securities industry.