Following this announcement, the companies will connect insurers and pension acquires with end-to-end pension transfer services in one place. The collaboration will integrate BNY’s global payments and cash management capabilities with Conduent’s expertise in pension accounts, aiming to manage transaction data and the overall ability to provide customer service for pension members.
In addition, BNY and Conduent will continue to focus on meeting the needs, preferences, and demands of users and clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Conduent represents a company that delivers digital business solutions and services spanning the commercial, government, and transportation spectrum, aiming to develop valuable outcomes for its clients and individuals. The company leverages cloud computing, artificial intelligence (AI), machine learning (ML), automation, and advanced analytics to deliver a mission-critical suite of solutions to its partners and clients.
As pensions become increasingly costly and difficult to manage, companies have the possibility to de-risk their balance sheets by transferring pensions to insurers and pension acquirers. According to the official press release, the new strategic deal is expected to enable a secure, fast, and transparent pension experience from administration to payments.
Throughout this initiative, the collaboration also aims to provide insurers and pension acquirers with the needed access to an end-to-end pension risk transfer solution that operates in a single, comprehensive system.
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