BNY Mellon unveiled a collaboration to assist customers with supervising and investing funds by letting them access GTreasury’s payment and cash management functions, according to a Thursday (Sept. 24) announcement.
The financial institution’s customers will be able to have an expanded understanding of their cash balances and more effective use of them with the relationship, according to the announcement.
Customers will have the capacity to better find out the location of balances throughout bank accounts, time zones and geographical areas, and then use those funds more productively with the bolstered transparency afforded by GTreasury’s infrastructure.
The balances can be invested in cash equivalent instruments, giving customers the chance to earn a return as they supervise liquidity through short-term investments or find the best use for them over the long haul via a “seamless integration” with BNY Mellon's LiquidityDirect platform.
"Integrating the GTreasury and LiquidityDirect platforms is a big win for BNY Mellon clients," GTreasury Global Head of Corporate Development Terry Beadle said in the announcement. "The GTreasury ecosystem is purpose-built to seamlessly connect into investment portals like LiquidityDirect."
Customers of the bank will have the capacity to sweep money into funds available on LiquidityDirect without exiting GTreasury infrastructure. As it stands, LiquidityDirect supports over $6.5 trillion in transaction flow yearly for over 850 of the globe’s biggest business and institutional investors.
"We are thrilled to be able to offer clients integrated access to LiquidityDirect through GTreasury's digital treasury management tools, enabling them to streamline their cash management workflow and allocate balances with maximum efficiency," BNY Mellon Head of Liquidity Services George Maganas said in the announcement.
Earlier this month, BNY Mellon unveiled its automated medical and dental payments offering to ease the conversion of payments and simplify their processing. The new offering will provide Explanation of Delivery (EOB) statements, with 1099 management and handling, in addition to processing the claims.