Source: Bank of New York
The Bank of New York today announced that it has been granted a patent in the United Kingdom for a two-way electronic messaging interface model that facilitates communication between investment managers and their custodian banks.
The Bank of New York uses the interface for its BNY SmartSource(SM) investment manager product. There is a patent pending on this interface in the United States.
The patented interface sends and receives a variety of complex electronic messages between investment managers, the BNY SmartSource platform and custodian banks. Electronic messaging technology helps BNY SmartSource assume the middle- and back-office responsibilities from the investment managers, thereby enabling investment managers to focus on their core business. The recent conversion of RCM (UK) Ltd. is an example of this in action.
Kurt Woetzel, executive vice president and chief information officer of The Bank of New York, said, "As a global financial institution focused on developing and applying technology to help our clients succeed, we recognize the importance of leveraging our intellectual capital to broaden our innovative solutions set. This patent spotlights the intellect and talent of our employees and our on-going commitment to creating information-based solutions that improve our clients' productivity, efficiency and reliability."