Evisort, the intelligent contract management platform, is a leading contract intelligence provider for BNY Mellon. Recently, BNY Mellon won four Global Custodian awards including the Innovation in Contracting Award which specifically recognized the bank’s use of Evisort to re-engineer its contract negotiation workflow and lifecycle management process.
Evisort worked with BNY Mellon’s managing counsel, who ran client contract lifecycle management, to effectively reduce the time required to reach an executable agreement.
Evisort allows BNY Mellon to develop customized initial contracts tailored to clients and electronically communicate with necessary internal stakeholders for approval of special terms. This workflow builds a digital library to accelerate key business decisions, providing the ability to reuse data contained within contracts. Evisort’s smart, efficient workflow means BNY Mellon can onboard new clients in a highly streamlined way.
“At BNY Mellon, we actively look to broaden our tech ecosystem, working with organizations that serve as industry change agents and fostering a culture of collaboration. We selected Evisort because of its unique combination of document generation capabilities, workflows, and AI - all in one user-friendly and intuitive interface. It allows our team to manage the contract lifecycle in conjunction with the Microsoft suite. The flexibility and adaptability were unlike any of the other solutions evaluated and were first adopted by our global custody team with great success,” said Oliver Round, Managing Counsel and Product Owner for Client Contract Lifecycle Management at BNY Mellon. "This initiative is gaining recognition and has recently received an innovation in contracting award from Global Custodian for these efforts.”
Evisort requires minimal implementation expertise and can be operational within days. Evisort’s products include integrations and API connectors that work with commonly used contract and document repositories from providers like Salesforce, Microsoft 365, and other enterprise systems of record.
“By applying AI capabilities here in this process, we are looking to anticipate the preferences of our clients in the very first draft of a contract,” said Noam Tasch, global head of digital partnerships at BNY Mellon, when interviewed by Global Custodian on the award. “The AI is going to help us identify what kind of terms they are interested in or likely want to see in a contract. Ultimately by being able to anticipate those preferences and provisions, we expect to significantly limit the contracting pain points that we previously were experiencing. The result of that is obviously reduced amount of time and reduced amount of spend by our clients in the negotiation process.”
“BNY Mellon is at the forefront of banking innovation and its team really knows how to leverage technology to deliver outstanding client experiences. Evisort is incredibly pleased to have provided technology that helped BNY Mellon win a Global Custodian Award. Client agreements are the foundation of any client relationship so running an intelligent, efficient contracting process is essential. We’re excited to support BNY Mellon’s goal to provide a world-class digital client onboarding experience,” said Evisort Founder and CEO Jerry Ting.
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