BNY Mellon has expanded its partnership with Microsoft to develop a data management solution for its buy- and sell-side clients.
The firms aim to improve the precision and agility of clients’ data management, while enhancing risk management and operational efficiency.
Through the partnership, BNY Mellon’s data and analytics workloads will be migrated to Microsoft’s Azure cloud. As such, clients will benefit from continuous integration and upgrades and will be able to “fast-track” their asset onboarding, the company says.
Additionally, BNY Mellon intends to develop further data management and software products specifically for capital markets firms. These will allow for near real-time decision-making tools, improving agility and adaptability.
The companies have also stated their intention to look into the capability of AI to improve productivity and decision-making processes.
Akash Shah, chief growth officer at BNY Mellon, says: “Technology and data ecosystems are becoming more complex, competitive and cost-intensive for our clients. [The partnership] will provide our buy- side and sell-side clients with a data management solution designed to offer deeper insights and actionable data that can help improve their investment performance, distribution reach, and risk management.
“This is the latest step towards making investing more effective, easier, and less expensive."
Karen Del Vescovo, corporate vice president and US financial services lead at Microsoft, comments: “The collaboration with BNY Mellon sets the stage for a new era in capital markets, where the fusion of data analytics and emerging technologies, such as AI, powers unprecedented platform innovation and provides an ecosystem of capabilities across investment and data lifecycles."
