BNY Mellon has seen client adoption for NEXEN, its cloud-based technology platform, reach over 100,000 within the asset servicing business, as custodians continue to digitise their core offerings.
The global custodian said NEXEN will become a bigger part in driving revenues and managing expenses during its second quarter earnings presentation.
BNY Mellon stated it plans to develop pricing standards for value-added solutions available through NEXEN, such as collateral portfolio optimisation and robo advisory, while also using it as a replacement for more costly legacy platforms.
Brian Shea, CEO of investment services at BNY Mellon, highlighted on its quarterly earnings call that it has crossed the threshold of over a hundred thousand client and internal users on the NEXEN platform.
“I would say that the client impact is growing and positively more and more case studies and examples where getting the access to the real time data through APIs is making a meaningful difference in our clients business,” said Shea.
Shea added that while the NEXEN platform has not yet been a contributor to its asset servicing revenue base, it is expected to become a significant part further down the line.
BNY Mellon has shifted more focus to NEXEN with several key hirings, including the appointment of Bridget Engle as chief information officer in June to lead the platform’s advancement and accelerating its digital development.
The appointment of Visa’s Charles Scharf as its new chief executive will only further accelerate BNY Mellon’s digital adoption.