BNY Partners with OpenAI To Develop Eliza Platform
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BNY, a United States-based investment bank and global custodian, reached an agreement with OpenAI, the company behind ChatGPT, to help develop its own platform called Eliza. A Wall Street Journal report stated that the agreement would allow BNY, previously known as Bank of New York Mellon, to use OpenAI’s different tools.
One of these tools included Deep Research, a web-browsing tool that had been made available to all ChatGPT users.
BNY Aims To Advance Financial Services Through Collaborative Innovation
The report noted that Sarthak Pattanaik, who leads BNY’s AI hub, said the company saw AI as having strong potential and expected it to be included in every product and service.
In return, OpenAI would gain further understanding of how its models handled complex work in real-world situations, according to the report.
Brad Lightcap, OpenAI’s chief operating officer, said banks had been among the biggest users of AI, hiring skilled workers and filing AI-related patents.
Lightcap added that there had been strong demand in the banking sector and noted that this interest was likely to continue.
The Bank of New York Mellon Corporation, known as BNY, is an American financial services company based in New York City. It was formed when the Bank of New York and Mellon Financial Corporation joined together.
BNY’s Role In Global Banking And Financial Services
Through its history with the Bank of New York, which was founded by a group that included Alexander Hamilton, BNY is considered one of the three oldest banks in the United States and among the oldest in the world. It was also the first company to be listed on the New York Stock Exchange.
BNY has been ranked among the largest corporations in the United States based on total revenue. It is also one of the largest banks in the country by total assets and is listed among the biggest banks in the world. The Financial Stability Board has identified BNY as a systemically important financial institution.
The company provides different financial services, including asset management, custody and securities services, government finance services, and pension plan management.
Its clients include corporations, institutions, and individuals who use its financial services and platforms. Key subsidiaries of BNY include BNY Investments, BNY Pershing, and BNY Wealth.
BNY is the largest custodian bank and securities services company, with trillions of dollars in assets under management, custody, and administration. It was the first bank to reach a record level in asset custody. The company has been recognized among the most respected businesses worldwide.
