The `Operations-to-Operations` project is set to streamline communications between BNY Mellon and its clients and users. It is a service that was developed by the two firms.
The solution was designed with Glue42’s certified FDC3 (Financial Desktop Connectivity and Collaboration Consortium) Desktop Agent. With this service, the BNY Mellon platform is allowed to seamlessly and safely integrate with other systems that support the FINOS (Fintech Open Source Foundation) standards and requirements as well.
Glue42’s user expertise and its services regarding trading platforms and workflow optimisation aimed to improve BNY Mellon’s solutions for delivering a trading-desk-like user experience to middle-office operations and back-office operations.
The zero-install browser platform provided by Glue42 will also be leveraged by BNY Mellon in order to accelerate the roll-out of their product, as the company will no longer need to deploy software onto the machine and devices of their clients and customers.
The Bank of New York Mellon (BNY Mellon) had multiple partnerships and product launches in the last couple of months, covering multiple geographies.
At the beginning of May 2023, BNY Mellon announced its intention to implement an AI-based tool in order to improve its entity resolution service in its client database. This implementation was set to be a part of the bank’s continuous efforts to enhance data management and to meet regulatory requirements for the process of identifying customers and their relationship with the bank.
The company decided to choose a third-party vendor, Quantexa, for avoiding the procedure of improving the in-house solution and for saving time and resources. Quantexa is a British software developer that leverages machine learning and multiple public data sources to enhance the process of entity resolution. Its platform is able to do entity resolution and map networks of connections in important data, such as who trades with whom, who shares an address, and so on.
In January 2023, the bank partnered with the B2B financial marketplace Fiserv in order to expand real-time FX rate quotes for payments from US financial institutions and partners.
Throughout this collaboration, financial institutions that used Fiserv’s Payments Exchange: Foreign Exchange Services were given the possibility to receive access to the BNY Mellon’s real-time FX rate quotes in more than 120 countries. The deal also allowed the US-based FIs to execute currency conversions for cross-border payments and transactions while benefiting from rate visibility upfront.
The real-time FX rate quotes capabilities and offerings of BNY Mellon were able to be configured for delivering a customised solution for cross-border payments. Financial institutions were given the capability to access detailed payment status figures to provide support experience. Furthermore, they could leverage transaction tracking and reporting products and tools in order to offer more transparency to their users and customers.
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