Bank of New York demonstrated its continuing faith in a broker-dealer out-sourcing boom by launching BNY Clearing Compass, a browser-based system, which allows brokers to access data and services at BNY. It enables users to move from position data to the trading screen allowing for fast action on trading decisions. A single click also brings users from general reports
to account-specific data. Expanded Report Functionality – Users may access easily sorted summary and detailed information, from highly specific transaction data to top-level management reports.
Online Forms and Statements – Customer monthly statements, confirmations, and tax statements may be viewed online. Forms, procedures and product information are also available online. Real-Time Data – To enable users to stay current on client account activity and positions, BNY CLEARING COMPASS offers real-time information on positions, account activity, and commissions. Each broker’s home page also provides commission information, with detailed information a click away.
Action Item Access – A special section for action items concentrates the most important information into one area for immediate viewing. Control over User Access – Because the system is entitlement-based, firms have the autonomy to add and change user access. Product Platform – It makes available and integrates seamlessly a wide variety of products, product information and applications offered both internally and through third-party vendors.
BNY Clearing’s CEO, C. Michael Viviano, commented, “The introduction of BNY CLEARING COMPASS offers correspondents and their brokers powerful technology with which to manage their businesses and enables our correspondents to turn data into knowledge. By integrating our entire service platform into a single desktop, this innovative offering significantly enhances our ability to deliver responsive, high-quality clearing services.”
BNY CLEARING COMPASS’s intuitive design reflects extensive user group research focused on understanding the distinct needs of various staff functions with broker/dealer organizations. During the development process, BNY Clearing observed and analyzed user work habits to ensure the creation of a desktop product that can help broker/dealer staff – including
brokers, sales assistants, operations staff and senior management – achieve optimal effectiveness in their respective roles.
Ralph M. Mastrangelo, executive vice president and deputy head of The Bank of New York Brokerage and Clearing Services sector, said, “BNY CLEARING COMPASS is another demonstration of our commitment to providing the powerful technology and breadth of products and services that support our correspondents.”