The Bank of New York has been appointed by British Airways Pensions to process payments to members of its pension scheme, on a global basis. The mandate involves the management of in excess of $600million annually in payments to more than 40,000 BA scheme members across 46 countries globally.
John Birch, managing director of British Airways Pensions, said, Appointing The Bank of New York allows British Airways Pensions to provide an improved service to our scheme members. We conducted a competitive tender process which sought to identify a partner who could work with us to significantly improve the processes and controls of our benefits payments service. The Bank of New Yorks solution offers us this opportunity now and in the future.
Tim Keaney, executive vice president and head of Europe, The Bank of New York, said, This is a prestigious win for The Bank of New York. Our proprietary network of 1,600 correspondents in over 100 markets enables us to address the challenging needs of British Airways Pensions while assisting them in their corporate objective of transparency of process and cost efficiency. With the successful completion of a phased implementation, we are fully confident that BA Pensions can realise these benefits and the high quality associated with The Bank of New Yorks services.