BAML adopts Swift's MyStandards for global custody

Bank of America Merrill Lynch today announced that it has licensed the SWIFT MyStandards product, an innovative web-based application designed to facilitate the management of global standards and market practices across the financial industry.

  0 Be the first to comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

BofA Merrill, a global provider of custody and agency services, will initially use MyStandards for its custody message expansion program. The expansion will broaden the instruction and reporting messages used by clients, agents and internally across BofA Merrill Global Transaction Services business lines to facilitate greater straight through processing.

"MyStandards is a simple yet powerful way to connect with our clients and servicers while adding efficiency," said Morgan Downey, head of Global Custody and Agency Services for BofA Merrill. "Clients will benefit from the transparency of our message guidelines and enjoy easy access to annual SWIFT release changes and our own product enhancements."

The initial BofA Merrill custody message publication via MyStandards is scheduled for the fourth quarter.

"While MyStandards provides significant immediate benefit for standards documentation control, we are very excited about its future impact in the message testing process," Downey said. "MyStandards re-engineers testing by eliminating the time lags involved with set up and communication link coordination, allowing clients to focus on the message content. The net result is a greatly reduced implementation timeframe."

Sponsored [New Impact Study] Are you ready for CBPR+? Accelerating modernisation and efficiency through ISO 20022

Comments: (0)

[New Report] UK Open Banking API Performance 2023-2024Finextra Promoted[New Report] UK Open Banking API Performance 2023-2024