Microsoft Corp. and Bank New York Mellon (BNY Mellon) Corporate Trust services announced a partnership today designed to help state and local governments manage stimulus funds related to the American Recovery and Reinvestment Act of 2009.
BNY Mellon is leveraging its project fund administration capabilities in an alliance with Microsoft to combine the bank’s funds management, payment services and escrow services with the Microsoft’s Stimulus360. The solution will aid state and local governments with their stimulus tracking and reporting requirements, says Colleen Healy, general manager of Microsoft’s U.S. Financial Services Group.
“This alliance is a compelling combination of BNY Mellon’s innovative public finance solutions with Microsoft’s familiar, easy-to-use and widely supported software,” Healy said in a statement. “Ultimately, state and local governments benefit from a seamless solution from two industry leaders that provides critical transparency around a key economic recovery activity of President Obama’s Administration.”
The corporate trust provider will use Microsoft Stimulus360 to address the evolving tracking and reporting requirements for increasingly pressured state and local governments. Stimulus360 is an on-premise or hosted service that helps public sector agencies measure and share information about federal stimulus programs through graphical dashboards and maps. The solution supports key performance indicators (KPIs) and other government-backed performance metrics, automated workflow, and comprehensive analysis across data sources.
BNY Mellon Corporate Trust services nearly $12 trillion in outstanding debt from 58 locations in 20 countries. The company’s Asset Servicing group was recently named the “World’s Best Global Custodian” for the tenth year running, according to Global Finance.
For more on Stimulus360, read this article from CivSource.