Bank of New York

“Our relationship with TS Partners enables our business to run on all cylinders.”

Robert L. Cascone,
Managing Director Corporate Trust Domestic Operations,
Bank of New York

A Large and Important Account
Our client was the Bank of New York, the largest provider of corporate trust services in the world. Bank of New York recently signed a new client, a foreign government, that is the largest single corporate trust issuer in the world. This issuer had approximately two hundred issues with variable rates, very unusual and specific payment methodologies, highly specialized reporting requirements and other custom needs. The database represented nearly one million bondholders with inquiry and reporting requirements worldwide.

The Problem: Unresponsive Software Provider Led to Poor Service
The issuer left their service provider of fifty years because they were unable to respond in a timely and cost effective manner to service inquiries and program changes. The information they maintained was often weeks behind and bond customers were dissatisfied. In order to win the new business, Bank of New York would have to develop all of the custom processing and reporting needs within a very tight budget and a very compressed timeframe.

TS Partners Meets Tight Deadline
TS Partners customized and installed the TranStar system for The Bank of New York, developing all functional requirements within three months of project start. Substantial enhancements were made at minimal cost above the ongoing standard maintenance fee. TS Partners was able to convert the entire book of business three months after the government issuer signed the contract with The Bank of New York.

“Our client has come to expect fast turnaround when system initiatives are needed.  With the help of the experienced TS Partners support team, we have been able to exceed their expectations.”

Ralph Miranda,
Vice President,
Bank of New York

Savings and Better Service
The Bank of New York was able to substantially reduce the ongoing cost of processing bonds for their new large issuer. They were able to deliver customized reports on virtually a next day basis instead of delivering reports weeks or months late. These reports were made available via web browser from a secure site, so the issuer could view them from anywhere in the world.  A consolidation of duplicate holder accounts has virtually eliminated duplicate mailings, resulting in reduced postage costs and greater client satisfaction.  More than forty thousand duplicate holders (out of an active holder base of one-half million) were eliminated, saving the issuer fifty thousand dollars a year in postage alone.

TS Partners made the Bank of New York shine for their client. That service level continues today, as the issuer still requests system modifications and TS Partners continues to deliver them.