Global Finance honors the financial institutions modernizing sub-custody.
North America
CIBC Mellon
In North America, CIBC Mellon remains focused on strengthening its service capabilities through sustained investment in technology, automation, and process modernization for greater efficiency, operational resiliency, and transparency for its clients. This involves standardizing core workflows and services, as well as refining the settlement process to increase straight-through processing rates and reduce risk. Enhancements in trade communication are designed to improve capabilities in trade matching, routing, and status tracking of transactions. With advanced technologies such as predictive trade analytics, CIBC Mellon helps mitigate risk by training its predictive AI engine to discover settlement patterns with outcomes predicted 24 hours in advance of settlement, allowing clients time to reconcile any trade issues.
Another powerful resource for reducing settlement risk is CIBC Mellon’s Trade Exception Database workflow feature, in partnership with the Canadian Depository for Securities (CDS). High volumes of trade are settled through the CDS, and the exception database enables the bank’s settlement department to efficiently identify and reconcile unmatched trades. Trade status is immediately conveyed to clients through the bank’s online reporting platform.
To accelerate initiatives enhancing CIBC Mellon’s data infrastructure and workflow modernization, CIBC Mellon is leveraging fintech alliances that support greater efficiency, stronger data management, and reduced operational risk. Collaboration with Duco, a leading software-as-a-service provider of AI-powered automation, enhances the bank’s ability to utilize and manage data, reducing operational risk within the bank. To further streamline complex workflows, CIBC Mellon has also engaged with Appian, a provider of process-automation technology for deployment across the enterprise in areas including operations, technology, and client service, improving transparency through real-time dashboards.
