Press Releases
Mellon Enterprise Cash ManagementSM Expands Relationship with Swedbank
—International banks discovering benefits of Mellon's private label cash management solutions—
PITTSBURGH, July 10, 2003—Mellon Enterprise Cash Management, a premier private label provider of cash management outsourcing solutions for financial institutions, today announced that it has expanded the scope of cash management services provided to Swedbank's U.S. operations. International financial institutions such as Swedbank, one of the largest banking groups in the Nordic countries, find that outsourcing their U.S. cash management services to Mellon gives them the opportunity to focus on their core competencies instead of experiencing the substantial investment required for the technology, personnel and infrastructure.
Swedbank, which previously offered limited Enterprise services to its customers who transact business in the U.S., now offers a complete suite of cash management services that includes wholesale lockbox, Internet banking, automated clearing house (ACH) origination and wire transfer processing. In addition to traditional cash management products, Swedbank is able to deliver demand deposit accounts to their customers utilizing the Enterprise infrastructure.
"This affiliation with Mellon provides our organization with access to many of the treasury services our clients had acquired elsewhere," said Lars Eriksson, vice president of Swedbank's New York branch. "Utilizing additional Enterprise solutions gives us the opportunity to increase our own fee-based revenues. Because of the breadth of products and services available, we no longer have to rely on multiple providers and can offer our U.S. business customers a truly integrated solution."
Operating as part of Mellon Global Cash Management (GCM), Enterprise Cash Management deploys a technology platform of proprietary systems that are fully developed and quality tested. "The key benefit to Swedbank and other international organizations with U.S. operations is that Mellon's technology provides them with the infrastructure needed to support a complete cash management banking solution, including demand deposit accounts. Because we build and maintain these systems in-house, our customers benefit from the continuous expansion of capabilities and the customization available to meet unique needs," according to Robert W. Stasik, executive vice president and head of Mellon GCM, a treasury services business of Mellon Financial Corporation.
FöreningsSparbanken (Swedbank) is one of the largest banking groups in the Nordic countries with total assets of about SEK 960 billion. Swedbank's customers are primarily private individuals, local companies, municipalities, county councils and a number of large corporates. The group's services are focused on savings and investments, housing, financing and payment transfer services. Swedbank Markets is responsible for the group's Investment and Merchant Banking activities, as well as for large corporates and financial institutions. In addition to the operations in Sweden and First Securities in Norway, the business area includes the international branches in Oslo, London and New York.
Mellon Global Cash Management, a payments industry leader synonymous with quality performance and known for its innovation and expertise, designs comprehensive solutions through its broad line of cash management services to meet the specialized treasury needs of corporations, nonprofit organizations and financial institutions. In the most recent Phoenix-Hecht® Quality Index of 32 major cash management providers, Mellon GCM achieved its highest-ever customer satisfaction ratings. In addition, Mellon GCM is the only electronic payments services provider in the U.S. to achieve both Level 3 Capability Maturity Model® (CMM®) certification for its software engineering practices and ISO 9001:2000 registration. More information on Mellon GCM is available at www.mellon.com/gcm.
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has approximately $2.9 trillion in assets under management, administration or custody, including $566 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.