08/11/04
JERSEY CITY, N.J., August 11, 2004 -- Pershing LLC, a member of BNY Securities Group and subsidiary of The Bank of New York, announced today that its technology development group has been assessed at CMM Level 3 for its software development process. The CMM Level 3 rating affirms that Pershing's technology development group and iNautix Technologies Private Limited affiliate demonstrate a consistent and unified approach in all areas of their global software development life cycle, including engineering, project management, and support activities.
Pershing is among the first financial services firms to receive a CMM Level 3 assessment across its global organization, and with more than 1,000 employees in its technology development group, the assessment is one of the largest in the industry. The Software Engineering Institute (SEI) at Carnegie Mellon University reports that only 3% of firms that have received a Level 3 assessment have more than 1,000 people employed in their technology development organizations.
Suresh Kumar, chief information officer at Pershing, said, "We are committed to delivering leading technology and business solutions to our customers and their clients, and being assessed as a CMM Level 3 organization demonstrates that commitment. This assessment also confirms that our customers will continue to benefit from a quality software development process that supports reduced development costs, faster time to market, and the delivery of higher quality products and services."
Developed by SEI, the Capability Maturity Model (CMM) provides a framework for measuring the effectiveness and maturity level of an organization's software development process. CMM assessment is received after an extensive review of the principles and practices that govern an organization's software development process by an independent auditor and is based on satisfying internationally recognized standards developed by SEI.
SEI is a federally funded research and development center that helps organizations make measured improvements in their software engineering capabilities and fosters the adoption and sustained use of standards of excellence.
Pershing is a leading global provider of clearing and financial services outsourcing solutions to nearly 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent more than 5 million individual investors. Located in 23 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a member of BNY Securities Group and a subsidiary of The Bank of New York. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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