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.
About KeyCorp
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.
Contact:
Paul
Patella
BNY Mellon
paul.patella@bnymellon.com
+1 914 645 8662
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SOURCE BNY Mellon