To help the state and local governments in managing stimulus funds
BNY Mellon has executed an agreement with Microsoft to bring to market a solution for project fund administration, tracking and reporting to aid state and local governments with their requirements related to the American Recovery & Reinvestment Act of 2009 (ARRA).
Reportedly, the agreement brings together BNY Mellon Corporate Trust’s project fund administration capabilities and Microsoft’s Stimulus360 planning, tracking and reporting software. The bank expects that the state and local governments will benefit from the combined strengths of software and securities servicing companies for meeting the transparency and accountability requirements of ARRA.
The bank has said that the Microsoft Stimulus360 solution helps public sector agencies track, measure, and share information about federal stimulus programs through easy-to-use graphical dashboards and maps. The solution also supports key performance indicators (KPIs) and other government-backed performance metrics, automated work flow, and analysis across consolidated data sources.
Troy Kilpatrick, managing director and head of the corporate and municipal finance group within BNY Mellon Corporate Trust, said: “ARRA stimulus funds are playing an important role in supporting the country’s economic recovery. 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.”
Colleen Healy, general manager, US financial services group, Microsoft, said: “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.”