LONDON and NEW YORK, Sept. 9, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has passed an important milestone in the continuing development of its global payments infrastructure with the launch of enhanced foreign exchange payment capabilities.
BNY Mellon's Frankfurt and London branches 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.
Demonstrating BNY Mellon's enterprise-wide approach to the development of new treasury services solutions, the new FX payments offering seamlessly combines BNY Mellon's extensive FX capabilities with the speed, efficiency and reporting features of BNY Mellon's new global payments infrastructure. Clients are provided with a host of payment initiation options, including BNY Mellon's proprietary TreasuryEdge(SM) 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."
"Our new global payments infrastructure is providing benefits to BNY Mellon clients that need to move cash across their investment activities," added Frank Behlmer, executive vice president, global operations, with BNY Mellon's Client Service Delivery group. "Our clients are now able to make FX payments seamlessly through our branches in London and Frankfurt. 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."
Notes to editors:
Following the decision in 2011 to undertake a major investment to significantly enhance BNY Mellon's global payments capabilities, the new infrastructure went live with its first payment service offerings in January, 2014. The ultimate goal of the new infrastructure is to provide a high level of support for any client payment, anywhere and irrespective of its value, currency or clearing mechanism.
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimise cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. Earlier this year, BNY Mellon launched its new global payments infrastructure which over time will process any payment on a single platform, anywhere – irrespective of its value, currency or clearing mechanism. The company is also a recognised leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
This press release is issued by The Bank of New York Mellon to members of the financial press and media.
All information and figures source BNY Mellon unless otherwise stated as of June 30, 2015.
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SOURCE BNY Mellon