US-based banking group BNY Mellon and Microsoft have entered into a partnership for transforming capital markets and the larger financial services sector with an expanded capital markets data and analytics platform.

By leveraging Microsoft Azure cloud and BNY Mellon’s financial data and analytics capabilities, the platform will deliver the lender’s buy side and sell side clients with a better data management solution.

The collaboration between the parties will help financial institutions to navigate complex market dynamics with precision and agility. It will also improve risk management and optimise operational efficiency.

Through the extended partnership, both companies aim to explore the possibilities of incorporating artificial intelligence (AI) technologies for enhanced productivity and better-informed decision making.

Besides, BNY Mellon will migrate its data and analytics workloads to Microsoft Azure by focussing on innovation and the expertise and platforms to help clients achieve their goals.

Microsoft US financial services lead and corporate vice president Karen Vescovo said: “This strategic alliance underscores Microsoft’s commitment to advancing the frontiers of cloud computing to drive transformative change across industries.

“The collaboration with BNY Mellon sets the stage for a new era in capital markets, where the fusion of data analytics and emerging technologies, such as AI, powers unprecedented platform innovation and provides an ecosystem of capabilities across investment and data lifecycles.”

BNY Mellon will also tap the multiple technologies of Microsoft to build next-generation data management and software products customised to address the unique requirements of capital markets firms. This covers data and analytics related to the growing investments in private markets and alternative assets.

According to BNY Mellon, the integration of the advanced analytics capabilities will provide its clients with near real-time, data-driven decision-making tools.

The new tools will help in improving agility and adaptability in the fast-changing capital markets landscape.

Furthermore, the collaboration will expedite the release of BNY Mellon‘s next generation data and analytics cloud-based software-as-a-service (SaaS) offering. This will facilitate users in streamlining their asset onboarding process and leveraging optimised data and analytics on a larger scale.

Additionally, it will enable clients to receive continuous integration and delivery of new features and upgrades.

BNY Mellon chief growth officer Akash Shah said: “Combining BNY Mellon’s data infrastructure and analytics services with Microsoft’s cloud solutions will provide our buy side and sell side clients with a leading data management solution designed to offer deeper insights and actionable data that can help improve their investment performance, distribution reach, and risk management.”