bank of new york mellon uses xceptor data hub to reduce
TRANSCRIPT
Bank of New York Mellon Uses Xceptor Data Hub To Reduce Operational Risk
“Xceptor Data Hub is working extremely well for BoNYM, meeting all its targets in a very short time frame. Xceptor continue to be one of our best vendors from both a support and product point of view. Xceptor Data Hub is now used for more than 10 applications with over 100 users”
Head of Asset Servicing Technology, BoNYM
www.xceptor.com | [email protected] | +44 (0)203 427 3108
BACKGROUND
Bank of New York Mellon (BoNYM)’s Asset Servicing department provides institutions worldwide with global services such as fund accounting, pricing and securities data management. The sheer volume of incoming data meant that the back office was often on the back foot in terms of processing broker data.
PROBLEMManually intensive data collection
Back and middle office processes at BoNYM involve dealing with data from hundreds of brokers and vendors. There were multiple methods and formats for sending this data which were constantly changing.
Dealing with each broker or vendor involved constantly reviewing emails, keying data received into Excel and then loading it into the department’s upstream system. This action was repeated multiple times.
The manual effort involved in this work was huge, resulting in 10-15 people simply uploading the data. Additionally this manual intervention also increased the operational risk of data inaccuracies
SOLUTIONAutomated process managed by the business
Xceptor Data Hub was chosen by BoNYM as it was the most flexible tool available, and can easily handle the high volumes that BoNYM required.
Xceptor Data Hub is designed to be set up and managed by business teams. BoNYM back and middle office teams can define and change data rules themselves without reliance on IT.
Xceptor Data Hub now automatically monitors email boxes, extracts the relevant data, carries out required checks and transformations and produces a standard output into a centralised data format, along with volume and processing statistics.
BENEFITSCost Savings and Improved Control
Better Control - Complete audit trail of the whole of the process.
Keying Error Elimination Complete automation of data collection eliminated keying errors from the fund accounting process.
Visibility of Data - Managers now have access to much more detailed, accurate data.
Cost Reduction - 10-15 FTE effort has been saved by automating data collection in the fund accounting department alone.
To find out more about how we transform business processes, contact us at [email protected]
Xceptor UK85 Gresham Street
LondonEC2V 7NQ
+44 (0)203 427 3108
Xceptor AustraliaLevel 3, 50 Carrington Street
Sydney NSW 2000,
+61 419 012 871© Web Services Integration 2016
www.xceptor.com [email protected]
“Xceptor Data Hub is working extremely well for BoNYM, meeting all its targets in a very short time frame. Xceptor continue to be one of our
best vendors from both a support and product point of view. Xceptor Data Hub is now used for more than 10 applications with over 100 users”
Head of Asset Servicing Technology, BoNYM