Evisort and BNY Mellon partner to digitize contract lifecycle management
By Pavithra R
Evisort, the intelligent contract management platform has announced its role as a leading contract intelligence provider for BNY Mellon.
BNY Mellon will use Evisort to re-engineer its contract negotiation workflow and lifecycle management process, reducing the time required to reach an executable agreement. The firm in collaboration with Evisort will develop customized initial contracts, tailored to clients and digitally coordinate with necessary internal stakeholders for approval of special terms. This smart workflow allows for the ability to reuse data contained within contracts by building a digital library to accelerate key business decisions.
“At BNY Mellon, we actively look to broaden our fintech ecosystem, working with organizations that serve as industry change agents and fostering a culture of collaboration. We have selected Evisort because of its unique combination of document generation capabilities, workflows, and AI – all in one user-friendly and intuitive interface. It allows our team to manage the contract lifecycle in conjunction with the Microsoft suite. The flexibility and adaptability were unlike any of the other solutions evaluated and were first adopted by our global custody team with great success,” said Oliver Round, Managing Counsel and Product Owner for Client Contract Lifecycle Management at BNY Mellon.
The partnership with BNY Mellon follows a year of rapid growth for Evisort. The company has launched and expanded working partnerships with seven Fortune 500 or global clients in banking, healthcare and enterprise tech, including Microsoft, NetApp, and Molina Healthcare. Included standard with Evisort’s products are integrations and API connectors that work with popular contract and document repositories from providers like Salesforce, Microsoft 365, and other enterprise systems of record.
“BNY Mellon is at the forefront of banking innovation and its team really knows how to leverage technology to deliver outstanding client experiences. Client agreements are the foundation of any client relationship so running an intelligent, efficient contracting process is essential. We’re excited to support BNY Mellon’s goal to provide a world-class digital client onboarding experience,” said Evisort Founder and CEO Jerry Ting.
Established in 1784, BNY Mellon delivers informed investment management and investment services in 35 countries and serves clients around the world. According to company data, as of March 31, 2021, the investment banking company had $41.7 T in assets under custody and/or administration, and $2.2 T in assets under management.
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