According to an update from BNY (NYSE: BK), as pensions become costly and difficult to manage, companies can de-risk their balance sheets by transferring them to insurers and pension acquirers.
BNY noted that a new collaboration enables a seamless pension experience from administration to payments.
The Bank of New York Mellon Corporation, a global financial services company, and Conduent Incorporated (Nasdaq: CNDT), a technology-led business solutions and services company, have announced a strategic alliance to connect insurers and pension acquirers “with end-to-end pension risk transfer services in one place.”
The alliance combines BNY’s payments and cash management capabilities with Conduent’s expertise in maintaining the records for pension accounts, managing transaction data and ability to “provide customer service for pension members.”
The collaboration provides insurers and pension acquirers access to an end-to-end pension risk transfer solution that “operates in a single, comprehensive system.”
Carl Slabicki, Executive Platform Owner, Treasury Services at BNY said:
“In an increasingly complex pension transfer risk market, we see that clients are on the constant lookout for solutions that can simplify and de-risk these programs. By drawing on BNY’s platform infrastructure for payments and cash management services, and Conduent’s integrated administration expertise, we are able to deliver a unified, end-to-end package that supports clients through every stage of the pension risk transfer lifecycle.”
As covered, BNY is a financial services company that helps make money work for the world – “managing it, moving it and keeping it safe.”
As noted in the update, Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them.
The company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to “deliver mission-critical solutions.”
Through a team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services “digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs.”
Conduent adds momentum to its clients’ missions in many ways including disbursing “approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day.”