The Bank of New York has launched a euro reimbursement service for processing correspondent banks' euro trade transactions.
The service - delivered through a link to the inter-bank Target funds transfer system through BoNY's Frankfurt branch - was developed in response to the growing importance of euro-denominated trade flows.
Users will be offered pre-debit notification of reimbursement claims, value-added reporting on euro-denominated transactions and timely transaction execution through a central processing hub.
Seperately, the bank has announced that its Delaware operation has become one of the first in the US to completely convert from paper to electronic presentment for its corporate customers by using digital images captured at the Federal Reserve Bank of Philadelphia.
The electronic image capability has been enabled by the installation of an image archive at the bank's mainframe data centre and by the electronic capture of cheque images at the Fed in Philadelphia.
Al Briand, managing director and head of product management for the global payment services group at The Bank of New York, says the new facility offers immediate enhancements to corporate customers including same-day online viewing of images for all cheques presented and an online, seven-year archive facility for ongoing retrieval and viewing of cheque images.