As Mercator Advisory Group discussed in our Outlook for 2020, resourcefulness is one of the keys to ongoing banking success, including the delivery of products and services in a way that clients want to see and use them. We stated that this “runs the gamut from easier navigation of bank services to providing faster and better information through the use of application programming interfaces (APIs) as well as a more consumer look and feel to mobile channel interaction”.
This indicated release appears in Finextra and reviews an announced collaboration between BNY Mellon and GTreasury for cash management services.
‘Under the new collaboration, BNY Mellon clients will have the opportunity to achieve greater visibility into their cash balances and more efficient utilization of these assets. With the enhanced transparency provided by GTreasury’s treasury and risk management platform, clients will be able to better identify where balances are located across bank accounts, regions and time zones and then deploy the assets to productive ends.…Through a seamless integration with BNY Mellon’s LiquidityDirect® platform – one of the world’s largest digital portals for investing in money market funds – those balances can be put to work in a range of cash equivalent vehicles, providing opportunities for clients to earn incremental income as they manage liquidity across short-term investments or determine the best long-term use for their funds.’
The opportunity to capitalize on digital processes and systems is now clearly evidenced in the open banking era and increasing usage of APIs for faster and seamless integration within internal banking systems, as well as across networks of fintech partners and multi-regional accounts.
This trend for convergence of the cash cycle though digital systems and processes has other attendant benefits as well, such as access to richer data pools that can improve efficiency and forecast accuracy using AI. So by providing clean access to a bank liquidity system through a broader treasury management fintech platform, customers of both companies can benefit.
‘ “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,” said George Maganas, Head of Liquidity Services at BNY Mellon. “Connecting those capabilities with LiquidityDirect is a natural fit, as it will enable clients to operate within one ecosystem to manage both their cash and payments while interacting with their global digital liquidity network for short-term investments via BNY Mellon.” ‘
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group