BNY Mellon, the global leader in investment management and investment services, today announced a major initiative on the part of its Treasury Services business that will result in the development of an Enterprise Payment Hub (EPH) for clients globally.
Comprehensive in scope and ultimately supporting all currencies, payment channels and geographic regions, the innovative platform's new design and technology will set new standards for speed and efficiency.
"Our Enterprise Payment Hub will allow us to apply our acknowledged strengths as a processor of USDdenominated payments to global payments — irrespective of their currency denomination," said Susan Skerritt, executive vice president and global head of business strategy & market solutions for BNY Mellon. "Being designed from the outset as a comprehensive solution, it will reflect our strengths across multiple payment products and channels. As it evolves, EPH will achieve our strategic intention of giving global clients access to a single global solution regardless of currency or payment type."
This extensive multi-year initiative reflects BNY Mellon's commitment to providing effective, customerfocused payment processing and payment information management services as part of integrated treasury services solutions. Initial EPH development work is focused on delivering Euro and Sterling services in Frankfurt, London, Brussels and Luxembourg for the company's global customer base. Later stages will address clearing opportunities in Asia and Latin America.
BNY Mellon is collaborating with Clear2Pay on the development of EPH, leveraging Clear2Pay's Open Payment Framework technology.