BNY Mellon Powers Bank of China Remittance Website
February 11 2010 - 8:03AM
PR Newswire (US)
Adoption of BNY Mellon's Remit Worldwide(SM) solution enables Bank
of China to provide Web-based remittance services to U.S. customers
NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- BNY Mellon and Bank of
China, New York Branch (BOC-NYB) today announced the launch of
BOC-NYB's new Web-based remittance service. Allowing customers in
the U.S. to remit funds to any of Bank of China's more than 100
global locations and thousands of locations in China, as well as to
virtually all other banks in China, the service is based on the
Remit Worldwide solution provided by BNY Mellon Treasury Services.
BOC-NYB said the new Web-based service will provide a readily
accessible, user-friendly solution for U.S. customers looking for a
better way to transfer funds to China. The service will also
benefit beneficiaries, who will welcome the convenience and
security of receiving remittances in a banking environment. "The
extensive reach of its retail network in China and the
sophistication of its electronic banking capabilities make BOC-NYB
an outstanding addition to the roster of global banks using a
Web-based version of our Remit Worldwide solution to serve their
U.S. customers," said Wendy Miller, head of multicurrency services
for BNY Mellon Treasury Services. "The successful launch of their
new remittance site is a win for BOC-NYB, its customers, and the
banking industry as a whole." Remit Worldwide enables customers of
client banks to remit funds directly to beneficiaries via BNY
Mellon's integration of ACH, SWIFT messaging, and correspondent
banking networks in support of global funds transfers. Remit
Worldwide is part of an extensive portfolio of white label
solutions, including a comprehensive array of cash management and
trade finance services, offered to other financial institutions by
BNY Mellon's Treasury Services group. Bank of China is one of
China's four state-owned commercial banks. Its businesses cover
commercial banking, investment banking and insurance. Members of
the group include BOC Hong Kong, BOC International, BOCG Insurance
and other financial institutions. The Bank provides a comprehensive
range of high-quality financial services to individual and
corporate customers as well as financial institutions worldwide.
Bank of China is the most internationalized commercial bank in
China. BOC London Branch, the first overseas branch of the Chinese
banks, was established in 1929. From then on, the Bank successively
opened branches in global financial centers, and has built up its
network in 29 countries and regions. Currently, it has more than
10,000 domestic operations and more than 600 overseas operations.
More information on Bank of China, New York Branch is available at
http://www.bocusa.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 more than $1.6 trillion in payments
transactions 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.
BNY Mellon is the corporate brand of The Bank of New York Mellon
Corporation (NYSE:BK). BNY Mellon 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. BNY Mellon 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 $22.3 trillion in
assets under custody and administration, $1.1 trillion in assets
under management, services $12.0 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at http://www.bnymellon.com/.
DATASOURCE: BNY Mellon CONTACT: Ron Sommer, The Bank of New York
Mellon, +1-412-236-0082,
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