Integration of BNY Mellon's back office capabilities and experience to enhance KeyBank's global trade services offerings
BNY Mellon, a global leader in investment management and investment services, and KeyBank (NYSE: KEY), today announced that BNY Mellon's Treasury Services business will provide private label trade processing services to KeyBank's Global Trade Group.
The integration of BNY Mellon's capabilities and experience with KeyBank's leading global trade platform will leverage BNY Mellon's trade processing resources and extensive document and transaction processing capabilities. Specific outsourcing services being provided to KeyBank include a Web-based letter of credit information delivery and document management system; a Web-based trade letter of credit portal; and a Web-based system for documentary collections, document review, funds transfer and trade reporting. The range of services being provided by BNY Mellon integrates all of the essential components of letter of credit and documentary collection transactions into a single platform.
"We're excited to enter into this service agreement and chose BNY Mellon because of its strong trade processing, outsourcing experience and track record," said Sandy Marrone, head of the product group for KeyBank's Global Trade Services. "This positions us well to continue our strong growth in the trade industry and deliver best in class solutions for our clients."
"KeyBank's approach to international trade is a great example of how forward thinking banks are adapting to both the changing global economy and the impact of technology on the banking industry," said Joon Kim, head of global trade processing products for BNY Mellon's Treasury Services group. "Providing clients with trade processing support that reflects high standards of operational and technical expertise is becoming increasingly important to KeyBank, and we are extremely pleased to be selected as their trusted provider."