Bank of New York Mellon Corp. announced Monday that it has partnered with Microsoft Corp. to provide project fund administration, tracking and reporting to aid state and local governments with their requirements related to the American Recovery and Reinvestment Act of 2009.

The agreement brings together BNY Mellon Corporate Trust's project fund administration capabilities and Microsoft's Stimulus360 planning, tracking and reporting software.

BNY Mellon said the new legislation is putting "increasing pressure on state and local governments to find solutions that make the economic impact of ARRA visible to both the federal government and citizens alike."

Microsoft Stimulus360 helps public-sector agencies track, measure and share information about federal stimulus programs through online tools.

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