First Midwest Bank Launches Cash Worldwide, a Global Remittance Service Based on The Bank of New York Mellon's Remit Worldwide(S
May 19 2009 - 8:15AM
PR Newswire (US)
NEW YORK and ITASCA, Ill., May 19 /PRNewswire/ -- First Midwest
Bank and The Bank of New York Mellon today announced the successful
debut of Cash Worldwide, a new First Midwest product offering that
will allow customers to remit funds directly to beneficiaries in
other countries using The Bank of New York Mellon's Remit
Worldwide(SM) solution. A major form of cross border funds
transfer, remittances represent an important growth opportunity for
banks like First Midwest serving customers with beneficiaries
abroad. One of the banking industry's most robust remittance
solutions, Remit Worldwide is provided by The Bank of New York
Mellon's Treasury Services group, a global leader in cross-border
payments. Remit Worldwide allows clients to tap into The Bank of
New York Mellon's extensive global payments experience, worldwide
network of correspondent banks, and technology-rich remittance
solution, while at the same time maintaining the integrity of their
brand and retaining control over product pricing and service fees.
"First Midwest's commitment to the communities it serves squares
perfectly with our approach to supporting our bank clients," said
Eric Kamback, executive vice president of The Bank of New York
Mellon and chief executive officer, Treasury Services. "Making sure
the product meets the needs of their customers while relying on our
experience, expertise and technology resources is the ideal way for
First Midwest to add remittances to their portfolio of product and
service offerings. We look forward to helping them make Cash
Worldwide a success." "The rich diversity of our client base makes
remittances an important addition to our service offerings," said
Jan Viano, President of First Midwest Bank's Retail Banking Group.
"The Bank of New York Mellon's Remit Worldwide solution is an
excellent way for us to better service the needs of our clients
while maintaining tight controls over our expense, risk, and
technology exposure." The premier relationship-based banking
franchise in the growing Chicagoland banking market, First Midwest
is one of the Chicago metropolitan area's largest independent bank
holding companies. Providing a full range of both business and
retail banking and trust and investment management services through
some 100 offices located in 62 communities, primarily in
metropolitan Chicago, First Midwest was recently recognized by the
Alfred P. Sloan Awards for Business Excellence in Workforce
Flexibility in the greater Chicago area. More information is
available at http://www.firstmidwest.com/. Recognized for the
second consecutive year in 2009 by Global Finance magazine as the
leading provider of white-label treasury products and services for
client banks, The Bank of New York Mellon's Treasury Services group
provides Remit Worldwide as part of an extensive portfolio of
Enterprise Treasury Services solutions, including cash management,
trade, and back-office outsourcing services. Delivering high
quality performance in global payments, trade services, cash
management, capital markets, foreign exchange and derivatives,
Treasury Services helps clients optimize cash flow, manage
liquidity and make payments more efficiently around the world in
more than 100 currencies. The Bank of New York Mellon is the third
largest participant in CHIPS funds transfers in the U.S. and is the
world's sixth largest participant in SWIFT. The Bank of New York
Mellon Corporation is a global financial services company focused
on helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has $19.5 trillion in
assets under custody and administration, $881 billion in assets
under management, services more than $11 trillion in outstanding
debt and processes global payments averaging $1.8 trillion per day.
Additional information is available at http://www.bnymellon.com/.
DATASOURCE: The Bank of New York Mellon Corporation CONTACT: Ron
Sommer of The Bank of New York Mellon, +1-412-236-0082, ; or Brian
O'Meara of First Midwest Bank, +1-630-875-7260, brian.o' Web Site:
http://www.bnymellon.com/
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