AI contracting platform to streamline client experience as part of bank’s digital innovation focus
SAN MATEO, Calif., June 08, 2021 (GLOBE NEWSWIRE) -- Evisort, the intelligent contract management platform, today announced its role as a leading contract intelligence provider for BNY Mellon. BNY Mellon will use Evisort to re-engineer its contract negotiation workflow and lifecycle management process, reducing the time required to reach an executable agreement.
In collaboration with Evisort, BNY Mellon is able to develop customized initial contracts, tailored to clients and digitally coordinate with necessary internal stakeholders for approval of special terms. This workflow allows for the ability to reuse data contained within contracts by building a digital library to accelerate key business decisions. This efficient, smart workflow will support a world-class onboarding for clients with minimal disruption.
“At BNY Mellon, we actively look to broaden our fintech ecosystem, working with organizations that serve as industry change agents and fostering a culture of collaboration. We have 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.
As a platform which can be up and running in days, Evisort requires little implementation expertise. Included standard with Evisort’s products are integrations and API connectors that work with popular contract and document repositories from providers like Salesforce, Microsoft 365, and other enterprise systems of record. Once customers recognize the value Evisort brings, they quickly look to roll it out enterprise-wide as part of a full digital transformation initiative, led by a cross-functional team of legal, IT, and procurement experts. Evisort has already guided several Fortune 500 companies through this process, providing best practices and blueprints for success.
“BNY Mellon is at the forefront of banking innovation and its team really knows how to leverage technology to deliver outstanding client experiences. 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.
The collaboration with BNY Mellon follows a year of rapid growth for Evisort. The company has launched and expanded working partnerships with seven Fortune 500 or global clients in banking, healthcare and enterprise tech, including Microsoft, NetApp, and Molina Healthcare. In the process, the company quadrupled its revenue. Investors like General Atlantic recognized this rapid growth by leading Evisort’s $35 million Series B funding announced in February 2021.
Founded in 2016 by Harvard Law and MIT researchers, Evisort leverages artificial intelligence (AI) to help businesses categorize, search, and act on business-driving documents of any type. Evisort’s proprietary AI understands meaning and context in legal language, eliminating the need for manual data entry and parsing of contracts or business documents. The company is backed by leading strategic and institutional investors including General Atlantic, M12, Microsoft’s venture fund, Vertex Ventures, and Amity Ventures. Headquartered in Silicon Valley, more information on Evisort can be found at Evisort.com. Follow @Evisort on Twitter, Facebook, Medium and LinkedIn.
About Bank of New York Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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