BNY ConvergEx, a US-based agency brokerage, has upgraded its commission management platform to improve ease of use by buy-side firms.
The enhancement includes a newly designed version of BNY ConvergEx’s InterComm client portal and processing utility for managing trades, commissions and payments. InterComm was initially designed to eliminate the paper flow and attendant processing delays associated with the administration of third-party broker relationships.
A major improvement to the system is the ability to direct commission payments to firms with a ‘click-to-pay’ feature, which will allow clients to self-manage payments via a drop down menu.
Clients will also be afforded access to real-time commission and payment balances, and account statements.
“The new features will streamline and simplify payments,” John Meserve, executive managing director and head of BNY ConvergEx Group’s commission management business, told theTRADEnews.com.
Meserve said clients could independently slice and dice data to help with their internal management reporting. “At a time when buy-side firms are trying to cut costs, we have been looking for ways to make our clients lives’ easier,” he said. “When our competitors are reducing technology spend, we are committed to increasing it.”