Pershing technology development group receives CMM Level 3 rating

Source: Bank of New York

Pershing LLC, a member of BNY Securities Group and subsidiary of The Bank of New York, announced today that its technology development group has been assessed at CMM Level 3 for its software development process.

The CMM Level 3 rating affirms that Pershing's technology development group and iNautix Technologies Private Limited affiliate demonstrate a consistent and unified approach in all areas of their global software development life cycle, including engineering, project management, and support activities.

Pershing is among the first financial services firms to receive a CMM Level 3 assessment across its global organization, and with more than 1,000 employees in its technology development group, the assessment is one of the largest in the industry. The Software Engineering Institute (SEI) at Carnegie Mellon University reports that only 3% of firms that have received a Level 3 assessment have more than 1,000 people employed in their technology development organizations.

Suresh Kumar, chief information officer at Pershing, said, "We are committed to delivering leading technology and business solutions to our customers and their clients, and being assessed as a CMM Level 3 organization demonstrates that commitment. This assessment also confirms that our customers will continue to benefit from a quality software development process that supports reduced development costs, faster time to market, and the delivery of higher quality products and services."

Developed by SEI, the Capability Maturity Model (CMM) provides a framework for measuring the effectiveness and maturity level of an organization's software development process. CMM assessment is received after an extensive review of the principles and practices that govern an organization's software development process by an independent auditor and is based on satisfying internationally recognized standards developed by SEI.

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