Prior to the merger, Mellon Bank used SunGardâs Global One while The Bank of New York had developed an in-house system for its US domestic and international securities lending activities. Now BNY Mellon has combined its securities lending businesses across its offices in Pittsburgh, New York, West Patterson, London and Hong Kong onto a single Global One platform. Moving to a single platform that consolidates information across all these business locations will help BNY Mellon reduce costs and enhance efficiencies.
Global Oneâs availability management, fair allocation algorithm and collateral management capabilities will help BNY Mellon record and manage international and US positions and will help facilitate greater control and transparency across its securities lending business. The Global One solution will also help reduce the risk of operational error and increase processing and workflow efficiencies.
Dave DiNardo, managing director, securities lending at BNY Mellon Asset Servicing, said, âSunGardâs Global One provides a consolidated platform that delivers greater straight-through processing and cost and operational efficiencies. SunGardâs ability to understand our business needs and goals, and the integrity and strength of the Global One system, has made combining our technology infrastructures onto the Global One platform a very successful achievement.â
Craig Costigan, executive vice president and general manager, securities finance software, for SunGardâs capital markets and investment banking business, said, âSunGard worked closely with BNY Mellon to truly understand its consolidation challenges, and we are pleased that BNY Mellon has been able to demonstrate efficiency and savings through their use of a single, consolidated Global One solution. Global Oneâs functional flexibility, reliability and capacity to handle large volumes are of paramount importance to global agent lenders such as BNY Mellon.â