BNY Mellon has expanded its developments of its global payments infrastructure with the launch of enhanced foreign exchange payment capabilities.
BNY Mellon’s Frankfurt and London offices have significantly 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 offering combines BNY Mellon's FX capabilities with the speed, efficiency and reporting features of the bank's new global payments infrastructure.
Clients are provided with a host of payment initiation options, including BNY Mellon's proprietary TreasuryEdge electronic portal, EDI ASC X12, and SWIFT.
Michael Bellacosa, head of global payments product management for treasury services at BNY Mellon, commented: “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.”
“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."
Frank Behlmer, executive vice president of global operations in BNY Mellon's client service delivery group, added: "Our new global payments infrastructure is providing benefits to BNY Mellon clients that need to move cash across their investment activities.”
“We are introducing new functionality for currency payments to enable us to better validate client instructions and increase straight-through processing rates. 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."
