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NEW YORK, Sept. 23, 2019 /PRNewswire/ -- BNY Mellon today announced a significant expansion of its existing trade finance processing services relationship with KeyBank by implementing an enhanced and updated model that will offer a more robust client experience for KeyBank's trade finance clients, while aiming to increase the efficiency of service delivery.
Under this expanded arrangement, and subject to the execution of an amended service agreement, BNY Mellon will take on certain direct client service functions and document handling responsibilities for KeyBank's trade finance operations. Through this direct servicing model, KeyBank trade finance clients will deliver the relevant trade finance documentation to BNY Mellon's Trade Processing Operations Center and be introduced to BNY Mellon's trade finance portal, a NEXEN® service, for the direct presentation and digitizing of trade documentation. Client onboarding to the trade finance portal, and the related client training, will also be performed by BNY Mellon.
This innovative approach to BNY Mellon's traditional "white label" servicing will streamline the client experience.
It brings to the next level the trade finance processing that BNY Mellon has been performing for KeyBank since 2015, simplifying engagement for KeyBank clients seeking direct customer service assistance or handling of their trade finance documentation, and allowing KeyBank to optimize their resources, focus on providing more strategic support for their clients and expanding their overall trade market base.
"We're excited that our successful relationship with KeyBank is continuing to grow, validating the importance we place on this service and one another," said Joon Kim, Global Head, Trade Finance Product and Portfolio Group, BNY Mellon Treasury Services. "This enhanced direct service model forms a core element of our go-forward business strategy, advancing new capabilities focused on improving the end users' experience. With the increased integration enabled under our new arrangement, we'll also be well positioned to offer potential future enhancements, such as data analytics, that can help KeyBank continue to strengthen their client relationships while at the same time passing along the added benefits of further optimizing resource allocation for KeyBank on a going forward basis. Together, our expanded service arrangement will allow us to do more for KeyBank's clients."
"We are pleased to expand our relationship with BNY Mellon," said Denise Shade, Payments Group Head – Trade, Technology, FIs and FX. "The new servicing model will enhance our client experience, making it easier and more streamlined while still providing the deep expertise our clients have come to expect."
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of June 30, 2019, BNY Mellon had US$35.5 trillion in assets under custody and/or administration, and US$1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $141.5 billion at March 31, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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SOURCE BNY Mellon