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."