BNY ConvergEx, a US-based agency brokerage, has upgraded its commission management platform to improve ease of use by buy-side firms.
The enhancement includes a newly designed version of BNY ConvergEx’s InterComm client portal and processing utility for managing trades, commissions and payments. InterComm was initially designed to eliminate the paper flow and attendant processing delays associated with the administration of third-party broker relationships.
A major improvement to the system is the ability to direct commission payments to firms with a ‘click-to-pay’ feature, which will allow clients to self-manage payments via a drop down menu.
Clients will also be afforded access to real-time commission and payment balances, and account statements.
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