19 October 2017

Sovereign Bank to outsource trade finance operations to Bank of New York

19 November 2002  |  3272 views  |  0 Sovereign Bank to outsource trade finance operations to Bank of New York

Philadelphia-based Sovereign Bank is to provide its customers with access to The Bank of New York's global network and suite of Web-based trade products and services.

Under the global trade services agreement, the Bank of New York will also handle Sovereign Bank's import letter of credit and export documentary collection processing, through operation centres in New York and Asia.

Dennis Dubois, senior vice president and director, Sovereign Bank international trade banking group, says: "Our customers will greatly benefit from efficiencies gained from The Bank of New York's systems and processing facilities.

"Our clients will also gain access to The Bank of New York's global network, which will enable us to service their trade processing needs worldwide," adds Dubois.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sovereign Bank reconciles commercial accounts with CheckFree

Sovereign Bank reconciles commercial accounts with CheckFree

05 November 2002  |  2611 views  |  0 comments
Brief: ING and Bank of New York strike global custody deal

Brief: ING and Bank of New York strike global custody deal

16 October 2002  |  4065 views  |  0 comments
Brief: Bank of New York investigates payments with Pegasystems

Brief: Bank of New York investigates payments with Pegasystems

01 October 2002  |  3102 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15788 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8947 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8041 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7140 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6281 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job