NEW YORK and LONDON,
March 25, 2015 /PRNewswire/
-- BNY Mellon, a global leader in investment management and
investment services, has been recognised by Celent as a Model Bank
for its work in Legacy and Ecosystems Transformation on its global
payments infrastructure. Celent is a global research and advisory
firm for the financial services industry.
BNY Mellon's global payments infrastructure went live with its
first payment in January 2014. The
ultimate goal of the new infrastructure is to process payments
company-wide on a single platform, regardless of currency, value,
initiation method, settlement mechanism or geographic location.
"BNY Mellon's new infrastructure is core to our strategy of
leveraging our US dollar payments strengths across other
currencies," said Michael Bellacosa,
head of global payments product management for Treasury Services at
BNY Mellon. "Our infrastructure has significantly enhanced
operating efficiency and straight-through processing rates for
clients. It also enables us to bring in-house transaction
processing previously outsourced to correspondent banks, which
streamlines payment processing, reduces third-party risk and gives
us more control over cut-off times."
The Model Bank Awards were presented at Celent's annual
Innovation and Insight Day event, held this year at Carnegie Hall
in New York. The awards are judged
on whether an initiative meets a bank's business objectives;
technology and integration excellence; and the degree of innovation
in terms of improving sales or service results, reducing risks or
costs, and improving business processes.
"The judges were impressed by the use of payment services hub
technology at BNY Mellon to deliver such an important strategic
initiative" said Gareth Lodge,
Senior Analyst at Celent. "Furthermore, the bank chose to build the
right infrastructure for the future, rather than just replicate
what it currently had. This approach not only allows the bank to
roll out new countries and currencies significantly quicker and
more efficiently than before, it allows new services to be rolled
out globally with minimal changes to the new infrastructure."
This award was one of many received by BNY Mellon's Treasury
Services business over the last year. These included Best Trade
Outsourcing Bank by Global Trade Review; Best Transactional Bank
for Financial Institutions in Europe, the Middle
East and Africa from EMEA
Finance; Best Bank Trade Services Provider from Trade &
Forfaiting Review; and Best White Label System Provider for
Treasury & Cash Management Services from Global Finance
magazine.
Notes to editors:
With locations on six continents and an extensive global network
of correspondent financial institutions, BNY Mellon's Treasury
Services group delivers high-quality performance in global
payments, trade services and cash management. It helps clients
optimise cash flow, manage liquidity and make payments more
efficiently around the world in more than 100 countries. Processing
payment transactions in over 120 currencies, the company is a
top-five participant in both the CHIPS and overall funds transfer
markets. Earlier this year, BNY Mellon launched its new global
payments infrastructure which over time will process any payment on
a single platform, anywhere – irrespective of its value, currency
or clearing mechanism. The company is also a recognised leader in
the delivery of private-label treasury services solutions for banks
and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com, or
follow us on Twitter @BNYMellon.
This press release is issued by The Bank of New
York Mellon to members of the financial press and media.
All information and figures source BNY Mellon unless otherwise
stated as at December 31, 2014.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818.
Branch office: One Canada Square,
London E14 5AL. The Bank of New
York Mellon is supervised and regulated by the New York State Department of Financial
Services and the Federal Reserve and authorised by the Prudential
Regulation Authority.
The Bank of New York Mellon London branch is subject to regulation
by the Financial Conduct Authority and limited regulation by the
Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential
Regulation Authority are available from us on request.
Contact:
Malcolm Borthwick
+44 20
7163
4109
malcolm.borthwick@bnymellon.com
Ron
Sommer
+1 412 236
0082
ron.sommer@bnymellon.com
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SOURCE BNY Mellon