The Bank of New York Mellon has connected its custody business to SimCorp’s Dimension, one of the main risk and trading systems used by asset managers.
The two firms say their mutual clients will have enhanced operational efficiencies and transparency in core investment processes.
Quicker onboarding of clients is also cited as a benefit and the two firms plan to reduce manual workflows in areas such as settlement.
Greater automation should lead to higher reconciliation match rates downstream from securities trading and this would allow portfolio managers, operations teams and risk professionals to gain “sharpened insights” into the deployment of cash and securities.
“Our collaboration with SimCorp offers significant opportunities for clients around the globe to improve their performance through enhanced data flows and to eliminate inefficiencies,” said Daron Pearce, regional chief executive of asset servicing at BNY Mellon.
Pearce added that working with Simcorp also demonstrates BNY Mellon’s “open and cooperative approach to navigating the digital future of the investment industry”.
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