EquiLend has secured a minority investment from an affiliate of The Bank of New York Mellon Corporation (BNY).

This investment underscores BNY’s commitment to EquiLend’s mission and its innovative technological solutions.

BNY, along with eight other significant financial institutions, has invested in EquiLend to support the firm’s push for greater innovation and efficiency across the securities finance sector. This group of investors will also advise on the development of EquiLend’s solutions, ensuring that the company continues to meet the evolving needs of the industry.

At the core of what EquiLend does is its development of cutting-edge platforms designed to streamline operations and reduce inefficiencies within the securities finance market. A highlight of this innovation is the 1Source solution, a platform set to revolutionise the industry by providing a single source of truth for securities finance transactions through smart contracts on a distributed ledger (DLT).

The funds from this investment will be used to advance the development of 1Source and other projects aimed at enhancing transparency and setting new operational standards across the global market. By leveraging smart technology and DLT, EquiLend is positioned to lead a transformation in market infrastructure, focusing on efficiency and transparency.

Additional information about this partnership includes BNY’s new role among the initial users of the 1Source platform. This involvement highlights BNY’s active participation and support for EquiLend’s long-term strategic innovations.

“BNY has been a strong partner of EquiLend’s since shortly after the company’s founding over 20 years ago. This investment brings added advisory leaders and underscores the commitment to our products and transformative potential of our long-term strategy,” EquiLend CEO Rich Grossi said.

Head of Securities Finance at BNY, Nehal Udeshi, added, “This investment reflects our confidence in EquiLend’s ability to tackle the industry’s biggest challenges with innovative solutions that drive greater efficiency. We are confident in EquiLend’s central role in the marketplace and plans to further redefine securities finance with innovative market infrastructure.”