The Bank of New York Selected to Provide Cash Management Services to The New York City Water Board
NEW YORK, December 18, 2006 -- The Bank of New York, a global leader in treasury management services, announced today that it has been appointed by The New York City Water Board to provide a full array of customer payment options. The Bank will be providing payment solutions via lockbox, internet, interactive voice response (IVR) or over-the-counter, depending on the Water Board client's individual preference or requirements.
William Kusterbeck, treasurer, The New York City Water Board, said, "We chose The Bank of New York after a competitive selection process because of the Bank's comprehensive array of products and innovative solutions, as well as the company's expertise and attention to detail. Additionally, the Bank's leading technology provides on-line decision-making capabilities, which we view as a valuable, unparalleled service."
Eric Kamback, executive vice president and head of global payment and trade services at The Bank of New York, said, "The Bank of New York's investment in innovative technology solutions enables us to address The New York City Water Board's specialized requirements. Our infrastructure allows us to accept all types of payments from standard check to web-based payments, and our continuing investment in our payments business will allow us to continue to meet our clients' evolving needs."
The New York City Water Board is one of three closely linked organizations that manage New York City's water and sewer system. The other two entities are the New York City Municipal Water Finance Authority and the New York City Department of Environmental Protection. The New York City Water Board, which was created by the New York State Legislature in 1984, has the power to levy water and sewer rates and to collect the resulting revenue. The New York City Department of Environmental Protection maintains the system with a work force of over 6,000. These three entities cooperate to ensure that the system is well maintained and has adequate access to appropriate capital financing.
The Bank of New York's Global Payment & Trade Services Division delivers solutions designed to help optimize a client's cash and trade flow, increase investment returns and support international working capital activities. The Bank of New York provides innovative payment, cash management and trade services to financial service companies, corporations, not-for-profits, private clients and governments worldwide.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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