BNY Mellon, the global asset management and securities servicing firm, and Bankruptcy Management Solutions (BMS), a California-based provider of bankruptcy administration software and services, have signed an agreement whereby BNY Mellon will be the exclusive provider of banking and financial services to BMS customers in conjunction with their use of BMS’ services.
Reportedly, this arrangement will allow BMS to provide customers with a record keeping solution for trustee bankruptcy accounts. The specific products and services to be provided include: real-time banking; desktop availability of check and statement images; prompt availability of interim statements; automatic posting of banking activities; outgoing wire and official check initiation and real-time notification of incoming wire transfers.
The transition of BMS customers to BNY Mellon is expected to commence in the fall of 2009. The company has said that BMS customers will be provided with all necessary communications to keep them updated of significant changes. It has added that the transition will be as seamless as possible, with BMS customers able to conduct their banking functions using their current online sign-on procedures and bank account numbers and updated checks.
