US based firm said the new service will cater data transparency by assisting to place non-personal, account-level information pertaining to the funds they distribute onto a centralized platform.
The service allows users to enhance information and generate reports for rapid reconciliation and verification, thus speeding the administrative information process.
Developed to improve data transparency between fund managers and their broker-dealer distributors, the platform provides direct access to the fund managers about the information exploited by broker-dealers in the omnibus environment.
BNY Mellon Asset Servicing’s Global Financial Institutions head of the US investor services Michael DeNofrio said OmniAccess provides clients with the resources they need to optimally manage their shareholder serving obligations.
"It marks an advance in providing transparency and improves coordination between the funds and distributors," said DeNofrio.
BNY Mellon has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management services, $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day.
