BNY Mellon, a New York-based investment management firm, has announced the creation of payment analytics, a tool that businesses can use to improve the efficiency of its payment processing.
The announcement states that the service is only available for its institutional clients, but BNY have not ruled out making the tool accessible to other firms later on. Payment analytics can provide reporting on payments by account, time intervals, beneficiaries and payment channels.
The service can also provide real-time updates on straight-through processing (STP) success rates, information on the type and number of payment queries, and trend data that clients can use to improve the efficiency of payment processing.
‘‘Our leadership position in USD-denominated payments for institutional clients was built on a solid foundation of efficiency, experience, reliability and global reach. Initiatives like Payment Analytics and Intraday Liquidity Analytics are enabling us to deliver entirely new dimensions of service to our clients,’’ said Gregory Malosh, managing director and head of information and liquidity products for BNY Mellon’s Treasury Services business.
BNY Mellon specialise in payment efficiency in over 100 countries and process payment transactions in over 120 currencies.
‘‘We’re leveraging BNY Mellon’s technological strengths to give clients significantly enhanced levels of immediacy and insight into their liquidity and cash management practices,’’ continued Malosh.
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