BNY Mellon has been named best trade outsourcing bank by Global Trade Review magazine ("GTR") for the seventh consecutive year. BNY Mellon's ranking as top trade outsourcing provider is based on the results of an annual GTR survey that asks some of the world’s biggest financial institutions and corporates to rate the best global financial institutions.
“Our strong track record of success in this category reflects the strength of our trade processing offerings,” said Ian Stewart, chief executive officer of BNY Mellon's Treasury Services business. “We understand the factors that are making outsourcing an increasingly attractive alternative – the increasing costs and complexities associated with trade processing operations, the seemingly never-ending requirements for new investment to keep pace with processing technology, and an increasingly challenging regulatory requirement for importers, exporters and their banks. We're leveraging that understanding to provide outsourcing solutions that respond to our clients' trade processing needs."
BNY Mellon's trade processing solutions are supported by a network of three global trade processing centers that provide seamless, end-to-end management of transactional details, processing issues and trade information. A signature aspect of BNY Mellon's trade processing offerings is the company's ability to provide letters of credit issuance, advisement, document examination, payment settlement, collections and other trade services to client banks. Increasingly those services are being provided on a private label basis, with client banks leveraging BNY Mellon's capabilities as part of their structured and branded interaction with corporate clients in the trade space.
“In today's highly competitive trade space, it's becoming increasingly important for banks to focus on trade opportunities as part of their corporate customers' value chain," said Joon Kim, head of global trade processing products for BNY Mellon's Treasury Services business. "Once the opportunities have been identified, banks then have to determine if they have the infrastructure, systems, platforms and expertise in place to efficiently and effectively process trade services. On many important levels – our sophisticated processing technology, the expertise and experience of our trade services staff, our unique profile as a provider of wholesale services to other banks, and our commitment to the space – we're well positioned to provide outsourcing as an attractive service delivery alternative."
This award from GTR was one of many received by BNY Mellon's Treasury Services business in 2015. Others included best transactional bank for financial institutions in Europe, the Middle East and Africa from EMEA Finance; most innovative trade bank and best bank trade services provider from Trade & Forfaiting Review; and best white label system provider for treasury & cash management services from Global Finance. BNY Mellon was also recognized by Celent as a Model Bank for its work in legacy and ecosystems transformation on its global payments infrastructure. GTR is an international trade finance magazine, read by and featuring the market's key banks, credit insurers, corporates, traders, law firms, brokers and consultants. Full coverage of the 2015 awards will appear in the magazine's January/February issue.