BNY Mellon has expanded iDeal Forex, its web-based application for cross-border payments involving foreign exchange (FX) transactions. A solution previously focused on payments originating in the Americas, iDeal Forex is now available to clients in Europe, the Middle East and Africa (EMEA) and Asia-Pacific.
iDeal Forex combines the electronic payment processing capabilities of BNY Mellon Treasury Services with the FX trading capabilities of BNY Mellon Global Markets to deliver a fully integrated solution for clients making cross-border payments. Features include the ability to manage the FX-related aspects of commercial payments and receipt processing on-line; web-based initiation and authorisation of cross-border payments; currency conversion based on real-time FX rates supporting more than 70 currencies; and maintenance of payment instructions used for ad hoc or repetitive payments. Clients can make payments via wire transfer or drafts, initiated via either iDeal Forex’s web interface or file upload. iDeal Forex also provides a wide array of informational and reporting services, including beneficiary e-mail notification.
“The expanded availability of iDeal Forex for our clients worldwide is another example of how we’re collaborating across BNY Mellon’s businesses to enhance the delivery of treasury services to our clients on a global basis,” said Susan Skerritt, executive vice president (EVP) and global head of business strategy and market solutions for BNY Mellon treasury services. “FX conversions are key to global payment processing, and this expansion in the availability of iDeal Forex is part of a larger, strategic effort to leverage BNY Mellon’s strengths in payments and global markets to the benefit of our clients.”
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