The Bank of New York Mellon to Provide Global Mass Payments Services to Fulton Bank's Global Exchange Group
July 21 2009 - 8:09AM
PR Newswire (US)
Global Exchange Group to Benefit from The Bank of New York Mellon's
Global Presence, Extensive Payments Experience and Robust Global
Payments Platform NEW YORK, July 21 /PRNewswire/ -- The Bank of New
York Mellon, the global leader in asset management and securities
servicing, today announced that its Treasury Services group will be
providing global mass payments services to the Global Exchange
Group, a division of Fulton Bank. Focused on international ACH
(IACH) transactions, the global mass payments services being
provided by The Bank of New York Mellon are designed to allow
Fulton Bank's Global Exchange Group to significantly enhance the
scope and sophistication of its international payment solution
offerings without incurring the time-to-market, expense and risk
management pitfalls often associated with internally developed
solutions. IACH represents an area of strategic focus for The Bank
of New York Mellon, and is a key component of its global mass
payments offering. Already established in Europe, Asia-Pacific,
Africa, North America and Latin America, The Bank of New York
Mellon's IACH network is currently slated to grow from 25 to 35
countries, including expansions in Latin America and Asia. Other
global mass payment features include a full array of file transfer
options, a broad range of reporting features, integrated FX
support, and alternatives such as wire transfer and foreign drafts
when IACH is not available. "We continue to build on our leadership
status as a provider of international payments solutions," said
Anthony Loiacono, president of sales and marketing for Global
Exchange Group. "The Bank of New York Mellon's global mass payment
services are a perfect complement to our own substantial product
offerings, and we are seamlessly integrating these services into
our platform. An outsourcing arrangement with a services provider
with The Bank of New York Mellon's financial and technological
strengths makes great business sense to us from both an operations
and strategic growth standpoint." "Service providers like the
Global Exchange Group are taking on an increasingly important role
in the delivery of treasury services in today's global economic
environment," said Eric Kamback, executive vice president of The
Bank of New York Mellon and chief executive officer, treasury
services. "Providing treasury services like global mass payments on
an outsourcing basis is a great way for us to help our clients
achieve their business objectives while deriving more benefits of
size and scale from our own treasury services operations." A leader
in international payment solutions, the Global Exchange Group is a
division of Fulton Bank, the flagship bank of Fulton Financial
Corporation (NASDAQ:FULT), which has assets of $16+ billion and has
served communities in Pennsylvania, New Jersey, Delaware, Maryland
and Virginia for more than 125 years. Additional information is
available at http://www.gexchange.com/. With locations in 34
countries on six continents and a network of more than 2,000
correspondent financial institutions, The Bank of New York Mellon's
Treasury Services group delivers high-quality performance in global
payments, trade services, cash management, capital markets, foreign
exchange and derivatives. It helps clients optimize cash flow,
manage liquidity and make payments more efficiently around the
world in more than 100 currencies. Processing global payments
averaging $1.8 trillion on a daily basis, the company is a top-five
participant in both the CHIPS and overall funds transfer markets,
and is a recognized leader in the delivery of white-label treasury
services solutions for banks and other large institutional clients.
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, +1-412-236-0082, Web Site:
http://www.bnymellon.com/
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