The Bank of New York has been appointed by The New York City Water Board to provide a full array of customer payment options. The Bank will be providing payment applications via lockbox, internet, interactive voice response (IVR) or over-the-counter, depending on the Water Board client’s individual preference or requirements.
“We chose The Bank of New York after a competitive selection process because of the Bank’s comprehensive array of products and innovative solutions, as well as the company’s expertise and attention to detail,” says William Kusterbeck, the treasurer of The New York City Water Board. “Additionally, the Bank’s leading technology provides on-line decision-making capabilities, which we view as a valuable, unparalleled service.”
“The Bank of New York’s investment in innovative technology solutions enables us to address The New York City Water Board’s specialised requirements,” adds Eric Kamback, the executive vice president and head of global payment and trade services at The Bank of New York. “Our infrastructure allows us to accept all types of payments from standard check to web-based payments, and our continuing investment in our payments business will allow us to continue to meet our clients’ evolving needs.”
The New York City Water Board is one of three closely linked organisations that manage New York City’s water and sewer system. The other two entities are the New York City Municipal Water Finance Authority and the New York City Department of Environmental Protection. The New York City Water Board, which was created by the New York State Legislature in 1984, has the power to levy water and sewer rates and to collect the resulting revenue. The New York City Department of Environmental Protection maintains the system with a work force of over 6,000. These three entities cooperate to ensure that the system is well maintained and has adequate access to appropriate capital financing.