Bank of New York Mellon (BNY Mellon) announced an initiative by its treasury services business in partnership with Clear2Pay that will result in the development of an enterprise payment hub (EPH) for clients globally. It said that the platform would be comprehensive in scope and ultimately support all currencies, payment channels and geographic regions, with design and technology that “sets new standards” for speed and efficiency.
“Our EPH will allow us to apply our strengths as a processor of US dollar-denominated payments to global payments, irrespective of their currency denomination,” said Susan Skerritt, executive vice president (EVP) and global head of business strategy and market solutions for BNY Mellon. “Being designed from the outset as a comprehensive solution, it will reflect our strengths across multiple payment products and channels. As it evolves, EPH will achieve our strategic intention of giving global clients access to a single global solution regardless of currency or payment type.”
BNY Mellon said that the extensive multi-year initiative reflects its commitment to providing effective, customer-focused payment processing and payment information management services, as part of integrated treasury services solutions. Initial EPH development work will focus on delivering euro and sterling services in Frankfurt, London, Brussels and Luxembourg for the company’s global customer base. Later stages will address clearing opportunities in Asia and Latin America.
BNY Mellon is collaborating with Clear2Pay on the development of EPH, leveraging Clear2Pay’s open payment framework (OPF) technology.
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