SourceNet operation maintains BNY Mellon's tradition of AP outsourcing leadership with top ranking in Black Book of Outsourcing survey
NEW YORK, July 5, 2011 — BNY Mellon, the global leader in investment management and investment servicing, has been ranked no. 1 among accounts payable (AP) outsourcing services providers for large clients. The ranking appears in the current Black Book of Outsourcing Survey.
Conducted by the Datamonitor Group, the survey shows BNY Mellon Treasury Services' SourceNet operation in College Station, Texas topping all providers of accounts payable outsourcing services to large (more than 1,000 employees) companies. SourceNet ranked first in nine separate categories, including overall satisfaction, financial benefits, risk mitigation, requirements awareness, problem resolution, partnership approach, skills resource, and corporate reputation.
"SourceNet's excellence in the accounts payable space reflects our value proposition across a broad range of treasury services outsourcing products and services," said J. David Cruikshank, executive vice president and chief executive officer, BNY Mellon Treasury Services. "Better treasury management practices are becoming an increasingly urgent priority for large corporates and organizations in the current economic environment. SourceNet is a great example of how innovative outsourcing can give clients access to better treasury solutions on an efficient, cost effective basis."
A premier source of market data in the Global Finance and Accounting Outsourcing Industry, Datamonitor Group's 2010 Black Book of Outsourcing is based on the world's largest customer and end user satisfaction survey. As noted by Eamonn Kennedy, research director at Datamonitor, "Black Book of Outsourcing rankings are always based on the views of those actually purchasing or using a service, not on vendor claims. BNY Mellon earned its Black Book position by consistently and continuously exceeding customer expectations."
With locations on six continents and a network of more than 2,000 correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 currencies. Processing more than $1.7 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.