BNY Mellon will be the exclusive provider of banking and financial services to BMS customers in conjunction with their use of BMS’ services.
Being provided by BNY Mellon Treasury Services, this arrangement will allow BMS to provide customers with a comprehensive record keeping solution for trustee bankruptcy accounts. Specific products and services to be provided include: real-time banking; desktop availability of check and statement images; prompt availability of interim statements; automatic posting of banking activities; outgoing wire and official check initiation; and real-time notification of incoming wire transfers.
The transition of BMS customers to BNY Mellon is expected to commence in the fall of 2009. BMS customers will be provided with all necessary communications to keep them abreast of significant changes, and the transition will be as seamless as possible, with BMS customers able to conduct their banking functions using their current online sign-on procedures and bank account numbers and updated checks.
“The service we’ll be providing to BMS demonstrates our ability to integrate and deliver the multifaceted capabilities of BNY Mellon on behalf of our clients,” says Eric Kamback, executive vice president and chief executive officer of BNY Mellon Treasury Services. “The degree of customization and range of related services being provided to BMS reflect our strategic commitment to providing treasury services solutions that help our clients succeed.”
“This is an exciting program that will deliver enhanced banking products and services to our bankruptcy trustees and fiduciaries,” says William Rinehart, president and chief operating officer of BMS. “Teaming with BNY Mellon will give our clients access to the innovative technology and banking services of one of the strongest financial institutions in the world.”
L.D.