BNY Mellon has further developed its global payments infrastructure, with the launch of enhanced foreign exchange payment capabilities.
The bank’s Frankfurt and London branches have increased the number of global currencies they can provide, with the total expected to exceed 120 currencies over time. Clients holding accounts in Frankfurt and London can use account balances in a single currency to instruct FX payments in various currencies as required.
The new FX payments combine BNY Mellon’s FX capabilities with the bank’s new global payments infrastructure. Clients can select from various payment initiation options, including BNY Mellon’s proprietary TreasuryEdgeSM electronic portal, EDI ASC X12, and SWIFT.
“This step continues the development of our new infrastructure and leverages its strengths as we look to build upon our leadership in global payment services,” said Michael Bellacosa, head of global payments product management for treasury services at BNY Mellon.
“Partnering with BNY Mellon’s FX business to expand the range of supported currencies demonstrates how our technology investments and business strategy are delivering meaningful service improvements to help our clients succeed.”
“We are introducing new functionality for currency payments to enable us to better validate client instructions and increase straight-through processing rates,” added Frank Behlmer, executive vice president, global operations, with BNY Mellon’s client service delivery group.
“This will help us reduce third-party repair charges and increase the efficiency and speed of payment processing for clients across a broad range of investment services businesses.”
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