NEW YORK and LONDON, March 25, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been recognized 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 optimize 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 recognized 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 authorized 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.
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