Impak Analytics, a fintech that uses human experience and artificial intelligence (AI) to assess impact, has announced that it will be a part of BNY Mellon’s Ascent Program.

BNY Mellon will use the programme to compare Impak Analytics’ impact data and analysis to various financial services industry opportunities, beginning with the trade finance industry.

Science-based taxonomies, tools, and libraries are created by Impak Analytics by combining its AI solution with its knowledge.

For use in downstream applications and Impak’s own AI-model training, these exclusive assets and skills further enhance data accuracy, consistency, and dependability.

Paul Allard, CEO, and co-founder at Impak Analytics stated: “We are thrilled to join BNY Mellon’s Ascent Program. In doing so, we are advancing our mission of bringing higher quality ESG and impact data to the financial market to better assess risks and opportunities. Through it, evidence based and contextualised ESG and impact data will now be available to a larger number of financial institutions and corporations.”

“Core to our mission is looking for opportunities to serve our clients better in a fast-evolving market,” added Marianna Lopert-Schaye, managing director, strategic partnerships & innovation, BNY Mellon. “We’re pleased to welcome Impak Analytics to our Ascent Program, as they look to further advance opportunities for stronger, more transparent data intelligence and analytics for trade finance and the broader financial ecosystem.”

Impak Analytics uses artificial intelligence to create a user-friendly impact data and intelligence platform that offers impact assessment, scoring, and rating tools.

Additionally, a set of impact indices has been developed, some of which are based on the Impak score.

Most recently, with over $50bn in assets under management, Lunate, a global alternative investment management company, and BNY Mellon are investing in Alpheya, a new venture that will create a tailored wealth management technology platform for asset and wealth managers in the Middle East and North Africa (MENA).