BNY Mellon Establishes Digital R&D Hub
Posted by Colin Lambert. Last updated: June 2, 2023
BNY Mellon has established a new digital research and development (R&D) hub in Dublin that the bank says will drive innovation in the areas of artificial intelligence (AI), machine learning, and data analytics.
The development includes an initial €8 million investment, with support from IDA Ireland, to help the bank develop AI technologies and expand on existing technology capabilities located in Ireland. The bank adds the investment will also lead to a more than doubling of the digital team in Dublin and the initial creation of 30 specialist jobs by the end of 2025.
“Delivering innovative solutions for clients has been at the heart of BNY Mellon’s long and proud history in Ireland for almost three decades,” says Paul Kilcullen, BNY Mellon CEO of funds services Ireland and Ireland country manager. “This investment reinforces BNY Mellon Ireland’s position at the leading-edge of financial services research and development and helps cement Ireland’s position at the forefront in driving innovation in the financial services sector globally.”
BNY says its increased investment in innovation, development and delivery has resulted in the filing of the highest number of patent applications in the bank’s history last year. Developers in Ireland recently contributed to BNY Mellon’s Predictive Analytics for Trade Settlement, which uses AI and other technologies to help the industry better predict settlement failures.
