Free Investment Advice

BNY Mellon today announced it has executed an agreement with Microsoft Corp. to bring to market a solution for project fund administration, accounting and reporting to aid state and local governments with their requirements related to the American Recovery & Reinvestment Act of 2009 (ARRA).

The agreement brings together BNY Mellon Corporate Trust’s project fund administration capabilities and Microsoft’s Stimulus360 planning, tracking and reporting software. State and local governments will benefit from the combined strengths of the world’s leading software and securities servicing companies for meeting the transparency and accountability requirements of ARRA.

“ARRA stimulus funds are playing an important role in supporting the country’s economic recovery,” said Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Group within BNY Mellon Corporate Trust. “By making it easier for state and local governments to actively engage in both the capital management and project administration tracking of this new source of funding, we will make the transparency requirements of ARRA more manageable for public entities.”

“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. 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,” said Colleen Healy, general manager, U.S. Financial Services Group, Microsoft Corp.

Source: BNY Mellon