(Vocus) March 25, 2010
BNY Mellon Asset Servicing, one of the world's largest agent lenders, has gone live with SunGard’s Global One in the latest phase of the integration of its securities lending platforms and global business activity following the 2007 Bank of New York/ Mellon Financial merger.
Prior to the merger, Mellon Bank used SunGard’s Global One while The Bank of New York had developed an in-house system for its US domestic and international securities lending activities. Now BNY Mellon has combined its securities lending businesses across its offices in Pittsburgh, New York, West Patterson, London and Hong Kong onto a single Global One platform. Moving to a single platform that consolidates information across all these business locations will help BNY Mellon reduce costs and enhance efficiencies.
Global One’s availability management, fair allocation algorithm and collateral management capabilities will help BNY Mellon record and manage international and US positions and will help facilitate greater control and transparency across its securities lending business. The Global One solution will also help reduce the risk of operational error and increase processing and workflow efficiencies.
Dave DiNardo, managing director, securities lending at BNY Mellon Asset Servicing, said, “SunGard’s Global One provides a consolidated platform that delivers greater straight-through processing and cost and operational efficiencies. SunGard’s ability to understand our business needs and goals, and the integrity and strength of the Global One system, has made combining our technology infrastructures onto the Global One platform a very successful achievement.”
Craig Costigan, executive vice president and general manager, securities finance software, for SunGard’s capital markets and investment banking business, said, “SunGard worked closely with BNY Mellon to truly understand its consolidation challenges, and we are pleased that BNY Mellon has been able to demonstrate efficiency and savings through their use of a single, consolidated Global One solution. Global One’s functional flexibility, reliability and capacity to handle large volumes are of paramount importance to global agent lenders such as BNY Mellon.”
About BNY Mellon
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at http://www.bnymellon.com
About Global One
A multicurrency system for international securities lending, Global One supports both brokers and lenders. Organizations use Global One and its real-time communications capabilities for the administration and management of international and domestic securities lending activities, including borrowing and lending, buy-backs and sell-backs and repos.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and IT services company.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
Trademark Information: SunGard, the SunGard logo and Global One are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.