BNY Mellon (NYSE:BK) and Microsoft are joining forces to transform capital markets and the broader financial services industry. Using Microsoft Azure cloud and BNY Mellon’s extensive financial data and analytics capabilities the platform will provide BNY Mellon’s buy side and sell side clients with a leading data management solution.

The global alliance between two of the world’s leaders in their respective industries will help enable financial institutions to navigate complex market dynamics with precision and agility while enhancing risk management and optimizing operational efficiency.

As part of the expanded collaboration, the two companies will look to explore how artificial intelligence (AI) technologies can be incorporated for improved productivity and better-informed decision making.

With a focus on innovation and the expertise and platforms to help clients achieve their goals, BNY Mellon will also migrate its data and analytics workloads to Microsoft Azure.

“The technology and data ecosystems are becoming more complex, competitive and cost-intensive for our clients,” said Akash Shah, Chief Growth Officer, BNY Mellon. “Combining BNY Mellon’s data infrastructure and analytics services with Microsoft’s cloud solutions will provide our buy side and sell side clients with a leading data management solution designed to offer deeper insights and actionable data that can help improve their investment performance, distribution reach, and risk management. For 240 years, we have been building new solutions to help our clients grow their businesses, and this is the latest step towards making investing more effective, easier, and less expensive.”

As an organization with a dynamic culture focused on delivering solutions with excellence and speed, part of what led BNY Mellon to the Microsoft Azure platform is working with a cloud provider that is committed to a trusted and resilient cloud that serves the markets in which it operates.

“This strategic alliance underscores Microsoft’s commitment to advancing the frontiers of cloud computing to drive transformative change across industries,” said Karen Del Vescovo, Corporate Vice President & U.S. Financial Services Lead, Microsoft. “The collaboration with BNY Mellon sets the stage for a new era in capital markets, where the fusion of data analytics and emerging technologies, such as AI, powers unprecedented platform innovation and provides an ecosystem of capabilities across investment and data lifecycles.”

This is the latest example of a longstanding relationship between BNY Mellon and Microsoft. The companies have spent years driving success for customers around the world, creating data, technology and content solutions for investment managers on Microsoft Azure.