The Bank of New York has introduced a browser-based, private label USD export collections service for correspondent clients.
BoNY's Private Label Internet Direct Collections product is designed to deliver a complete, collections solution to correspondent banks and their customers, with access via the correspondent's own Internet site. The Bank of New York is also offering behind-the-scenes automated tracking, payment processing, and reporting services.
Morgan Brassler, executive vice president of global trade services at the bank, says the new service provides an automated solution to a labour-intensive process.
The latest release follows the introduction by BoNY of other on-line trade products, such as letter of credit initiation and Trade Internet Query, both of which can also be offered on a private label basis.