CLEVELAND AND NEW YORK, Oct. 8, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, and KeyBank (NYSE: KEY), today announced that BNY Mellon's Treasury Services business will provide private label trade processing services to KeyBank's Global Trade Group.
The integration of BNY Mellon's capabilities and experience with KeyBank's leading global trade platform will leverage BNY Mellon's trade processing resources and extensive document and transaction processing capabilities. Specific outsourcing services being provided to KeyBank include a Web-based letter of credit information delivery and document management system; a Web-based trade letter of credit portal; and a Web-based system for documentary collections, document review, funds transfer and trade reporting. The range of services being provided by BNY Mellon integrates all of the essential components of letter of credit and documentary collection transactions into a single platform.
"We're excited to enter into this service agreement and chose BNY Mellon because of its strong trade processing, outsourcing experience and track record," said Sandy Marrone, head of the product group for KeyBank's Global Trade Services. "This positions us well to continue our strong growth in the trade industry and deliver best in class solutions for our clients."
"KeyBank's approach to international trade is a great example of how forward thinking banks are adapting to both the changing global economy and the impact of technology on the banking industry," said Joon Kim, head of global trade processing products for BNY Mellon's Treasury Services group. "Providing clients with trade processing support that reflects high standards of operational and technical expertise is becoming increasingly important to KeyBank, and we are extremely pleased to be selected as their trusted provider."
Notes to editors
KeyCorp (NYSE: KEY) was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $94.6 billion. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank N.A. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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 optimise 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. The company is also a recognised 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 June 30, 2015, BNY Mellon had $28.6 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.
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SOURCE BNY Mellon