New York Mellon Offers Global Remittance Service
The Bank of New York Mellon has launched Remit Worldwide, a white-label service that enables U.S retail banks to offer worldwide remittances to their customers. The service is available through BoNY Mellon's Treasury Services group, which provides inter-bank services to other financial institutions.
BoNY Mellon says Remit Worldwide allows its U.S. client banks to enter the cross-border funds transfer market, while avoiding the costs and complexities of developing a global remittance infrastructure. Remit Worldwide enables customers of these banks to transfer funds directly to beneficiaries overseas, it says. "Largely because of technology and infrastructure constraints, U.S. retail banks currently handle only a small percentage of global remittances," says Al Briand, managing director and head of product management and business strategy at BoNY Mellon's Treasury Services unit. "Remit Worldwide unlocks the global remittance door, allowing client banks in the U.S. to capture a bigger share of a growing market without incurring undue technology risk or development expense." In early February, Citigroup launched QuikRemit, a white-label global remittance system. Related Links
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