BNY Mellon launches new FX payments offering
BNY Mellon has expanded its global payments infrastructure by launching enhanced foreign exchange (FX) payment capabilities.
The new FX payments offering integrates BNY Mellon’s extensive FX capabilities with the speed, efficiency and reporting features of the company’s new global payments infrastructure. It allows the company to validate client instructions and increase straight-through processing rates for clients.
In addition, the solution will minimize third-party repair charges and boost efficiency and speed of payment processing for clients across a range of investment services businesses.
Currently, BNY Mellon’s branches in Frankfurt and London have increased the number of global currencies they provide, with the total expected to exceed 120 currencies eventually.
With this offering, clients having accounts in Frankfurt and London can use account balances in a single currency to instruct FX payments in various currencies.
BNY Mellon’s Treasury Services global payments product management head Michael Bellacosa said: “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.”
BNY Mellon global operations client service delivery group executive vice president Frank Behlmer said: “Our new global payments infrastructure is providing benefits to BNY Mellon clients that need to move cash across their investment activities. Our clients are now able to make FX payments seamlessly through our branches in London and Frankfurt.”