BNY Mellon has acquired a software company to offer greater transparency across its structured credit product range.

Portsmouth Financial Systems develops software for the modelling and analysis of structured credit transactions.

According to BNY, the purchase of PFS will create a new service for the bank’s high net worth and institutional clients - focusing initially on US residential mortgage-backed securities - allowing them to review actual or predictive security cash flows and access loan-level historical data analysis, cash-flow scenarios, and plug-in default and prepayment modelling.

"It will enhance their analysis and decision-making capabilities by providing them with an independent, centralized source of data and extensive modelling tools," said Patrick Tadie, executive vice president and head of global structured credit at BNY Mellon Corporate Trust.