Bank of New York renews ValueLink data services contract

Source: ValueLink

After an exhaustive RFP process encompassing all major market data vendors, the Bank of New York has reappointed ValueLink Information Services Limited for most of its daily intra day and closing valuation pricing.

The year-long RFP process convinced the Bank's Central Pricing Unit that ValueLink will meet their exacting requirements for timeliness, accuracy, coverage, flexibility and cost effectiveness better than any other provider.

ValueLink's operations director Trevor Beach commented, "Our relationship with the Bank of New York goes back to 1992, so we're delighted to be partnering them again after a three year gap. As well as the Bank's selection criteria majoring on attributes that are central to our commitment to excellence, the new bespoke database system we've developed in the intervening period has allowed us to introduce major enhancements to our data services."

The highly tailored nature of this capability was a significant factor in the Bank of New York's decision to reappoint ValueLink, together with ValueLink's exclusive dual feed technology and the exceptionally rigorous validation of all the data it provides. Improvements to automated processes have also streamlined the company's quality of service by massively reducing the need for manual data collection and processing.

Matthew Cox, head of pricing and data management at Bank of New York confirmed that, "An accurately priced portfolio is a crucial part of the service the Bank offers it's many client's. The reappointment of ValueLink Information Services Limited has provided the ability to increase coverage of our asset universe to over 99%. This in turn has greatly decreased manual intervention and any risk inherent with this process. I am very pleased to once again be partnered with ValueLink."

When the Bank of New York went live with the ValueLink service on 6 December 2004 after a comprehensive test period, Trevor Beach added: "The Bank of New York is one of the world's most highly respected third party administrators, and I'm sure that others in the industry will take note of their decision to partner ValueLink with interest. Our success in this RFP process confirms the great strides we've taken over the last few years, and we look forward enthusiastically to meeting – and where possible, exceeding - the Bank of New York's service requirements."

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