The Bank of New York Launches New Short-Term Investment Product for Cash Management Clients
NEW YORK, April 24, 2007 -- The Bank of New York, a global leader in treasury management services, has expanded the short-term investment offering available to cash management clients by providing them with access to RepoNet®, a secure online application that provides a cash sweep vehicle for idle cash balances.
The new offering will provide corporations, financial institutions and non-profit organizations that rely on the bank for payment processing to invest their cash balances in a variety of short-term overnight repurchase transactions. RepoNet will allow these clients to take advantage of the liquidity and yield of repurchase transactions while eliminating minimum investable balance requirements and operational and administrative tasks.
Through RepoNet, which supports the Bank's collateral management business, the Bank has successfully leveraged existing capabilities to provide a new offering to cash management clients.
Eric Kamback, executive vice president and head of global payment & trade services at The Bank of New York, said, "Extending RepoNet underscores our innovative approach to tailoring solutions to meet our cash management clients' needs. Leveraging resources to provide funding and investment options across our organization highlights our unique ability to deliver value-added products and services to our clients."
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 wealth management. 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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