BNY Mellon a global leader in investment management and investment services, announced today it has expanded its relationship with Thomas Jefferson University (TJU). It will now provide Asset Servicing and Treasury Services solutions to help automate the funding of their Accounts Payable and Payroll Distributions. For the last 25 years, BNY Mellon has been TJU’s custodian of choice, with more than 230 accounts and assets totaling approximately $4 billion. The university recently approached BNY Mellon to create a custom solution to help increase efficiency, reduce costs, and refine its reconciliation processes.
The combination of Asset Servicing and Treasury Services solutions creates new synergies and enables TJU to fund their Accounts Payable and Payroll Distributions through one account. Through BNY Mellon’s Asset Servicing business, TJU subscribes to global trust and custody, benefit disbursements, treasury and various Global Risk Solutions services, including its flagship enterprise risk analysis solution, BNY Mellon Risk ViewSM. The university recently collaborated with BNY Mellon’s Treasury Services business to add electronic banking solution, TreasuryEdge®.
“We are excited to expand our relationship with Thomas Jefferson University, and to create a custom solution that enables them to focus less on cash management and more on their core competencies,” said Ellen Hecker, Managing Director for BNY Mellon Treasury Services Healthcare & Higher Ed Relationship Management team. “Our cross-company collaboration creates several synergies for Thomas Jefferson University, and will also enable them to maximize balances held in their custody account, that in turn increases their investment opportunities.”