BNY Mellon has partnered with artificial intelligence platform Evisort to help remove pain points from the contractual process for its custody clients.
By using Evisort, BNY Mellon will re-engineer its contract negotiation workflow and lifecycle management process, reducing the time required to reach an executable agreement.
Through the partnership the custodian can develop customised initial contracts that are tailored to clients, and digitally coordinate with necessary internal stakeholders for approval of special terms.
This workflow enables data contained within contracts to be reused by building a digital library to accelerate key business decisions. This workflow will also support an onboarding for clients with minimal disruption.
“We have selected Evisort because of its unique combination of document generation capabilities, workflows, and AI – all in one user-friendly and intuitive interface. It allows our team to manage the contract lifecycle in conjunction with the Microsoft suite. The flexibility and adaptability were unlike any of the other solutions evaluated and were first adopted by our global custody team with great success,” said Oliver Round, managing counsel and product owner for client contract lifecycle management at BNY Mellon.
Evisort’s products include integrations and API connectors that work with popular contract and document repositories from providers such as Salesforce and Microsoft 365.
Earlier this week, Global Custodian recognised BNY Mellon for the partnership through an award for Innovation in Client Contracting during its Leaders in Custody Week.
“By applying AI capabilities here in this process, we are looking to anticipate the preferences of our clients in the very first draft of a contract,” said Noam Tasch, global head of digital partnerships at BNY Mellon, when interviewed by Global Custodian on the award.
“The AI is going to help us identify what kind of terms they are interested in or likely want to see in a contract. Ultimately by being able to anticipate those preferences and provisions, we expect to significantly limit the contracting pain points that we previously were experiencing. The result of that is obviously reduced amount of time and reduced amount of spend by our clients in the negotiation process.”