BNY Mellon Adopts DTCC Messaging

BNY Mellon has gone live on the Depository Trust & Clearing Corporation's (DTCC) new corporate actions messaging solution over the Swift network. The solution, which the DTCC launched late last year for corporate actions announcements, is part of a broader initiative by DTCC to reengineer its corporate actions platform and adopt the global ISO 20022 standard as part of its core service offering to its participants.

BNY Mellon was an active member of the solution's pilot program, providing feedback that helped create global standards. Based on the successful pilot, BNY Mellon is implementing mandatory corporate event announcements and will transition the remaining event types during future phases. The move from using proprietary files to implementing ISO 20022 real-time standard messaging eliminates the need for manual tasks, reducing risk and increasing accuracy of corporate action information.

"We continually focus on providing global custody clients with a uniform experience across all markets," says Stephanie Keppenne, BNY Mellon managing director and head of core custody product management. "The new messages will allow for more transparency and standardization, reducing time to market and giving clients more time to make informed investment decisions."

The Issuer to Investor: Corporate Actions initiative was launched in May 2009 to improve the processing of corporate actions data in the US. BNY Mellon was one of the first financial institutions to join the ISO 20022 corporate actions messaging pilot program in 2010.