Financial Recovery Technologies selected by BNY Mellon's asset servicing business
Financial Recovery Technologies (FRT), the leading global securities class actions recovery provider, today announced it will power the North American class action filing and recovery service for BNY Mellon's custody clients, including broader access to comprehensive non-U.S. alerts for global markets.
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This expands upon the alliance that was announced in 2021.
"We are pleased to continue to evolve our strategic alliance with FRT to now leverage their technology and operational capabilities to power our U.S. market settled class action filing and recovery solution," said Caroline Butler, CEO of Custody Services & Digital Assets at BNY Mellon. "As we streamline our efforts around digital solutions, collaborating with innovative technology leaders, such as FRT, will continue playing an important role in delivering for our custody clients."
The announcement is the latest milestone in BNY Mellon's focus on building a digital-driven custody ecosystem for its clients to ensure resilient and scalable solutions.
"This partnership builds on a multi-year effort to provide the most comprehensive class action solution for BNY Mellon's custody clients," said Rob Adler, Chief Executive Officer at FRT. "Our alliance with BNY Mellon is an important demonstration of the power of bridging world class expertise, innovative software solutions, and two companies with a strong commitment to collaboration."
"By integrating our industry-leading technology with BNY Mellon's custody data solutions, we are able to provide automated solutions designed to adapt as industry complexity grows," said Mike Cotter, President at FRT. "BNY Mellon and FRT made significant investments to automate and streamline the service, encompassing the entire lifecycle of the workflow."