BNY Mellon and Bankruptcy Management Solutions, Inc. (BMS) Announce a New Financial Services Network for BMS Clients
August 24 2009 - 8:17AM
PR Newswire (US)
Exclusive agreement will provide BMS clients with expanded and
enhanced banking products and services IRVINE, Calif. and NEW YORK,
Aug. 24 /PRNewswire/ -- BNY Mellon (NYSE: BK), the global leader in
asset management and securities servicing, and Bankruptcy
Management Solutions Inc. ("BMS"), leader in the bankruptcy
administration services industry, today announced an agreement
whereby BNY Mellon will be the exclusive provider of banking and
financial services to BMS customers in conjunction with their use
of BMS' services. Being provided by BNY Mellon Treasury Services,
this arrangement will allow BMS to provide customers with a
comprehensive record keeping solution for trustee bankruptcy
accounts. Specific products and services to be provided include:
real-time banking; desktop availability of check and statement
images; prompt availability of interim statements; automatic
posting of banking activities; outgoing wire and official check
initiation; and real-time notification of incoming wire transfers.
"The service we'll be providing to BMS demonstrates our ability to
integrate and deliver the multifaceted capabilities of BNY Mellon
on behalf of our clients," said Eric Kamback, executive vice
president and chief executive officer of BNY Mellon Treasury
Services. "The degree of customization and range of related
services being provided to BMS reflect our strategic commitment to
providing treasury services solutions that help our clients
succeed." "This is an exciting program that will deliver enhanced
banking products and services to our bankruptcy trustees and
fiduciaries," said William Rinehart, President and Chief Operating
Officer of BMS. "Teaming with BNY Mellon will give our clients
access to the innovative technology and banking services of one of
the strongest financial institutions in the world." The transition
of BMS customers to BNY Mellon is expected to commence in the fall
of 2009. BMS customers will be provided with all necessary
communications to keep them abreast of significant changes, and the
transition will be as seamless as possible, with BMS customers able
to conduct their banking functions using their current online
sign-on procedures and bank account numbers and updated checks.
Based in Irvine, Calif., Bankruptcy Management Solutions, Inc.
(BMS) has consistently been the industry's leading provider of
bankruptcy case administration software and services since 1987.
The Company's innovative end-to-end technology platform software
and disbursement solutions support the administrative and
legislative requirements of more than 55 percent of Chapter 7 Panel
trustees, as well as a variety of other bankruptcy fiduciaries. BMS
products are instrumental in automating and streamlining bankruptcy
administration, making trustees and bankruptcy fiduciaries more
productive and profitable. BNY Mellon is the corporate brand of The
Bank of New York Mellon Corporation. BNY Mellon is a global
financial services company focused on helping clients manage and
service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has $20.7 trillion in assets under custody and
administration, $926 billion in assets under management, services
more than $11.8 trillion in outstanding debt and processes global
payments averaging $1.8 trillion per day. Additional information is
available at http://www.bnymellon.com/. DATASOURCE: The Bank of New
York Mellon Corporation; Bankruptcy Management CONTACT: Ron Sommer
of BNY Mellon, +1-412-236-0082, ; or BMS, Carolyn Lopez,
+1-949-222-1212, ext. 2026, Web Site: http://www.bnymellon.com/
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