Mellon Financial Corporation has won level 3 capability maturity model (CMM) certification for its software engineering practices within its trust technology division.
Similar to ISO-9000 in manufacturing, CMM certification serves as the recognised international standard for software development processes. Level 3 CMM certification reflects an organisation's ability to consistently apply software engineering and management processes across its IT project portfolio.
Mellon's largest software engineering team, the trust technology division, supports the operations of Mellon Global Securities Services, which provides trust administration, custody, and other securities services to public and private pension funds, foundations, investment managers, mutual funds, and insurance companies.
James Palermo, president of Mellon Global Securities Services, says: "The demanding requirements for CMM level 3 certification - particularly in terms of standardised and documented engineering and project management practices - have enabled us to deliver on technology commitments more efficiently and predictably, and ultimately serve our clients better."
Kevin Shearan, senior vice president and head of Mellon's software engineering department, notes only one third of the more than 1000 companies and organisations reporting CMM assessment results since 1997 advanced beyond level 2.