BNY Mellon will be the first trustee to join AccessFintech’s data management platform as the firms expand their partnership, focusing on digitisation.
Through the collaboration, the firms will investigate the challenges faced around manual processes and the reconciliation of loan data. They will also look at historical issues in loan market operations such as the continued use of outdated workflows for trade lifecycle events.
By transforming loan data management and operations and digitising the loan lifecycle, financial institutions will be able to streamline their operations and improve data accuracy, the firms state. Digitisation will also allow for improved resilience and regulatory compliance while reducing risk, they add.
James Slater, CEO of corporate trust at BNY Mellon, says: “Today’s announcement is an important milestone in our commitment to transform loan data management and placing our clients’ needs at the forefront. By integrating AccessFintech’s advanced technologies with our comprehensive services, we are embarking on a journey that will unlock fresh opportunities, stimulate innovation and deliver value to our clients.”
Roy Saadon, CEO of AccessFintech, comments: "Our loan data aggregation platform, combined with BNY Mellon's extensive expertise, will transform the loan industry, offering financial institutions efficiency and accuracy."
