The Bank of New York Mellon is implementing payments technology from ACI Worldwide for Swift and Chips processing and to connect to the US Federal Reserve Bank's Fedwire system.
BNY Mellon is replacing several messaging gateways with a single message hub based on the vendor's ACI Money Transfer System.
The product will provide processing of Swift and Chips (Clearing House Interbank Payments System) transactions and as an interface to the Fedwire system.
ACI says future phases of the implementation will interface to additional central banking systems, messaging systems, net settlement systems and clearing houses such as Fed Book Entry Securities and Telex.
In addition, the bank is using ACI's technology to centrally manage large-scale liquidity transactions and enhance monitoring capabilities, says the vendor.