BNY Mellon and Hazeltree have teamed up to jointly deliver an independent platform aimed at facilitating cash management for buy-side and corporate firms. The new cooperative aims to optimize cash investment, while also streamlining FX hedging and overall efficiency.
The newly developed platform helps satisfy an industry demand, as corroborated by a recent collateral management study earlier this year. BNY Mellon chose to focus on this area with upwards of 60 percent of firms developing enterprise-level functions to help optimize the sourcing of collateral, funding and liquidity.
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Jonathan Spirgel, Head of Global Liquidity Services, BNY Mellon Markets, commented: “At a time of increasingly complex global markets, this integrated platform can make the treasury function a lot more efficient. It enhances performance, while ensuring that participants maintain the level of security and liquidity of their assets they rightly expect from BNY Mellon.”
Its decision to team up with treasury solutions provider Hazeltree also reflects a commitment to transparency in terms of all portfolio management operations. BNY Mellon’s full suite of cash, treasury and custody services will be harnessed via Hazeltree’s advanced treasury management technology.
The initiative will be implemented in multiple tiers, coinciding with joint access for clients at Hazeltree and BNY Mellon. Clients from both venues will be eligible to utilize the Hazeltree technology platform and BNY Mellon’s current interface. The solution will represent an optimized platform that streamlines cash management, catering specifically to buy-side and corporate firms.
“Many firms are missing opportunities to optimize their cash usage due to manual and incomplete processes. Our new platform increases transparency into their holdings, minimizes frictional costs and reduces operational risk,” added Sameer Shalaby, President and CEO of Hazeltree.