The Bank of New York Mellon (BNY Mellon) has reached an agreement to integrate its custody business with SimCorp Dimension, an investment management system.

The connectivity will provide the mutual clients with better transparency in core investment processes and accelerate speed to market for on-boarding.

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It will also ensure optimised data sets across the investment lifecycle, to offer better transaction visibility.

With this collaboration, BNY Mellon and SimCorp seek to expedite manual investment workflows. The increased automation is also expected to deliver better reconciliation match rates.

This will help the clients gain deeper insights on deployment of cash and securities, facilitating investment decision-making process.

BNY Mellon CEO of EMEA Asset Servicing Daron Pearce said: “Our collaboration with SimCorp offers significant opportunities for clients around the globe to improve their performance through enhanced data flows and to eliminate inefficiencies.

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“It further demonstrates BNY Mellon’s open and cooperative approach to navigating the digital future of the investment industry, working alongside clients and together with other service providers to develop flexible, insightful and effective solutions.”

SimCorp senior vice-president of strategy & corporate development Johan Rosengreen-Kringel said: “Integrating BNY Mellon’s data with SimCorp Dimension enhances the timeliness and accuracy of information and operational efficiency available to clients, ultimately strengthening decision making and optimizing strategic agility.

“We firmly believe that this flexibility, combined with our highly automated front-to-back investment lifecycle and open integration with service providers will greatly benefit clients.”

In September, BNY Mellon partnered Bloomberg to enable access to its data and analytical workflow tools through Bloomberg AIM.