To address your increasing needs for greater transparency, comprehensive risk management and financial stability, BNY Mellon is in the process of introducing a new enterprise-wide global payments infrastructure. When fully rolled out, it will enable us to process any payment on a single platform, regardless of the initiation method, its value, currency, domicile, or clearing or settlement mechanism, and it will support payment transactions in more than 120 currencies.
Our European offices are the first to benefit from these expanded services. Our Frankfurt Branch offers EUR funds transfer services via TARGET2 clearing and our London branch is processing an increasing array of currencies, and the list is expanding during 2014. In addition, we will transition to GBP funds transfer services cleared directly via CHAPS in May.