BNY ConvergEx Group LLC, a Bank of New York Mellon Corp. unit that provides global agency brokerage and investment technology services, has upgraded its InterComm commission management platform.
The platform now includes a processing utility for managing trades, commissions, and payments. It also offers workflow integration and processing tools for commission-sharing arrangements, client commission arrangements, and third-party research payments.
Introduced in 2003, the InterComm portal was designed to automate the workflow surrounding third-party research services. The upgrades were announced Monday.
The portal now lets clients direct commission-sharing arrangements and client commission payments with a "click-to-pay" feature. It also provides access to real-time commission and payment balances and access to account statements and other documentation, and offers online trade detail inquiry and export features.