Bank of New York says it has created a new global Global Payment Services unit, which combines three BNY divisions: Domestic Cash Management, serving U.S. corporate, middle market, government and financial services clients; International Cash Management, serving the payment needs of global correspondent banks, corporations and governments; and Product Management, responsible for developing and supporting products and services for all clients.
All three divisions now report to Karen Peetz, Senior Vice President and Business Manager, Global Payment Services.
“The new Global Payment Services structure gives us the closer coordination we require to address the needs of both our global and domestic cash management clients,” Ms. Peetz says. “We can listen to client concerns and requirements and then work effectively, under one roof, to deliver the solutions our clients want.”
Global Payment Services will also receive the strong operational support necessary to meet client needs, as Ms. Peetz reports directly to Don Monks, Senior Executive Vice President and the Head of Operations & Technology.
Combining the sales people in Domestic and International Cash Management with Product Management will foster improved internal communications, says Michael Finnerty, Vice President and the new head of Domestic Cash Management. “It creates a forum for discussing the products that the marketplace wants, and will allow us to develop more client-focused products in a shorter time,” he says.
Adds Joseph Furnari, Senior Vice President and head of International Cash Management: “It gives us more flexibility to customize products and really be closer to what the customer is demanding.”
Creating a closer tie between domestic and international cash services sales divisions also allows for a cross-pollination of ideas, Mr. Furnari says. “I might hear something that Domestic Cash Management is doing and decide that my International Cash Management customers would benefit from that idea-and vice versa.”