November 6, 2019

EZOPS, Kingfield, BNY Mellon Leverage Machine Learning

The Bank of New York Mellon Corporation (“BNY Mellon”) today announced several new partnerships as it continues to execute its digital strategy to better serve clients’ increasingly complex needs. BNY Mellon remains dedicated to broadening the scope of its digital ecosystem both by actively advancing its own solutions as well as seeking opportunities to collaborate with best-in-class external partners. As part of these efforts, BNY Mellon will work with EZOPS and Kingfield to leverage machine learning and AI for greater operational efficiency, while Caissa and Two Sigma will help provide enhanced risk solutions and transparency for its clients.

“We are very pleased to be working with these innovative companies as part of our ongoing efforts to build an innovation network and digital ecosystem that enables BNY Mellon to provide enhanced value for our clients,” said Roman Regelman, BNY Mellon Head of Digital. “We are open to the world, engaging with fintechs, venture capitalists, bigtech, incubators, universities, clients and even competitors. This enables us to accelerate delivery of new and enhanced capabilities by leveraging existing solutions, building partnerships and making investments in strategic companies.”

Improving Operational Efficiency: 
BNY Mellon is leveraging capabilities developed by EZOPS and Kingfield to improve operational efficiency and enhance the client experience.

  • EZOPS – In collaboration with EZOPS, BNY Mellon has launched an artificial intelligence-based reconciliation and data control solution aimed at better serving our clients’ complex data needs.  BNY Mellon has already implemented the solution in our Alternative Investment Services business and the firm is expanding the capabilities across other lines of business. Clients will be able to access the new capabilities through our portal once development is complete. These new capabilities will increase automation, provide insights and offer self-service capabilities as part of our broader digital strategy to enhance clients’ experience.
  • Kingfield – Kingfield is developing a platform that will enable clients and custodians to streamline client service inquiries through a standardized network to eliminate inefficiencies and the need for bespoke communication channels. The result will be a simplified client messaging approach across the marketplace. Today, Kingfield is working with a number of banks and asset managers to standardize workflow protocols. Together, they have created message standards and common workflow protocols that will implement these procedural changes down to the customer level. The end result will be an improved client experience as well as a standardized query mechanism that can effectively reduce the cost of client support organizations. BNY Mellon has an equity interest in Kingfield.

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