BNY Mellon has announced the U.S. launch of BNY Mellon Escrow AdvantageSM, a new platform designed to reduce the amount of time and effort that many clients and law firms spend setting up and managing escrow and associated paying agent services.
Escrow Advantage offers the ability to initiate an escrow relationship in minutes and creates a more secure mechanism for the collection of highly confidential information. Clients and law firms may start the account opening process from a smartphone, tablet or desktop by utilizing a secure Know Your Customer (KYC) process designed to capture all required information in one step and avoid unnecessary correspondence.
Escrow Advantage delivers a significant reduction in traditional manual KYC information gathering steps and reduces risk by collecting confidential information via a secure platform. It streamlines the collection of KYC information by utilizing rules-based forms that lead clients and attorneys through the KYC process with less time and effort. It helps speed information gathering and provides process transparency by linking stakeholders in the transaction, such as legal advisors and depositors. Furthermore, it allows registered users to delegate some or all of the tasks to other registered users, such as internal peers or other parties involved in the transaction.
“Escrow Advantage is an easy to use mobile and highly secure platform that offers our clients and their legal advisors ease and speed as it relates to the escrow process,” said Harold Fudali for BNY Mellon's Corporate Trust business. ”We’ve taken into account the feedback that clients and law firms have provided us about their escrow account opening (KYC and Paying Agent) related experiences to develop this new, intuitive and streamlined platform.”
BNY Mellon is the premier provider of corporate trust services to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. As of December 31 2018, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 52,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.
For more information on Escrow Advantage, visit us at www.bnymellon.com/escrowadvantage.
About BNY Mellon
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. As of December 31, 2018, BNY Mellon had $33.1 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. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.