14 DAY TRIAL // Microsoft and BNY Mellon have collaborated on putting together a new solution designed to streamline the management process associated with US stimulus funds as per the requirements of the American Recovery & Reinvestment Act of 2009 (ARRA).
Specifically, the initiative bridges two existing products, one from the Redmond-based company, and the other from BNY Mellon. According to the duo, institutions will be able to leverage both the BNY Mellon Corporate Trust, as well as Microsoft's Stimulus360. The two companies have bundled together project fund administration capabilities with features set up to simplify tasks such as planning, tracking and reporting of project funds.
"ARRA stimulus funds are playing an important role in supporting the country's economic recovery," noted 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."
Addressing state and local governments, the new Microsoft and BNY Mellon will be able to go beyond simply managing stimulus funds, to complying in full with the ARRA transparency and accountability criteria. Local governments can leverage the management solution in order to provide comprehensive information on the economic impact of ARRA, not only to citizens but also to the federal government.
"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.