BNY Mellon today announced a significant expansion of its existing trade finance processing services relationship with KeyBank by implementing an enhanced and updated model that will offer a more robust client experience for KeyBank’s trade finance clients, while aiming to increase the efficiency of service delivery.
Under this expanded arrangement, and subject to the execution of an amended service agreement, BNY Mellon will take on certain direct client service functions and document handling responsibilities for KeyBank’s trade finance operations. Through this direct servicing model, KeyBank trade finance clients will deliver the relevant trade finance documentation to BNY Mellon’s Trade Processing Operations Centre and be introduced to BNY Mellon’s trade finance portal, a NEXEN service, for the direct presentation and digitizing of trade documentation. Client onboarding to the trade finance portal, and the related client training, will also be performed by BNY Mellon.
This innovative approach to BNY Mellon’s traditional “white label” servicing will streamline the client experience.
It brings to the next level the trade finance processing that BNY Mellon has been performing for KeyBank since 2015, simplifying engagement for KeyBank clients seeking direct customer service assistance or handling of their trade finance documentation, and allowing KeyBank to optimise their resources, focus on providing more strategic support for their clients and expanding their overall trade market base.
“We’re excited that our successful relationship with KeyBank is continuing to grow, validating the importance we place on this service and one another,” said Joon Kim, Global Head, Trade Finance Product and Portfolio Group, BNY Mellon Treasury Services. “This enhanced direct service model forms a core element of our go-forward business strategy, advancing new capabilities focused on improving the end users’ experience. With the increased integration enabled under our new arrangement, we’ll also be well positioned to offer potential future enhancements, such as data analytics, that can help KeyBank continue to strengthen their client relationships while at the same time passing along the added benefits of further optimising resource allocation for KeyBank on a going forward basis. Together, our expanded service arrangement will allow us to do more for KeyBank’s clients.”
“We are pleased to expand our relationship with BNY Mellon,” said Denise Shade, Payments Group Head – Trade, Technology, FIs and FX. “The new servicing model will enhance our client experience, making it easier and more streamlined while still providing the deep expertise our clients have come to expect.”