First Midwest Bank and The Bank of New York Mellon today announced the successful debut of Cash Worldwide, a new First Midwest product offering that will allow customers to remit funds directly to beneficiaries in other countries using The Bank of New York Mellon's Remit Worldwide solution.
A major form of cross border funds transfer, remittances represent an important growth opportunity for banks like First Midwest serving customers with beneficiaries abroad. One of the banking industry's most robust remittance solutions, Remit Worldwide is provided by The Bank of New York Mellon's Treasury Services group, a global leader in cross-border payments. Remit Worldwide allows clients to tap into The Bank of New York Mellon's extensive global payments experience, worldwide network of correspondent banks, and technology-rich remittance solution, while at the same time maintaining the integrity of their brand and retaining control over product pricing and service fees.
"First Midwest's commitment to the communities it serves squares perfectly with our approach to supporting our bank clients," said Eric Kamback, executive vice president of The Bank of New York Mellon and chief executive officer, Treasury Services. "Making sure the product meets the needs of their customers while relying on our experience, expertise and technology resources is the ideal way for First Midwest to add remittances to their portfolio of product and service offerings. We look forward to helping them make Cash Worldwide a success."
"The rich diversity of our client base makes remittances an important addition to our service offerings," said Jan Viano, President of First Midwest Bank's Retail Banking Group. "The Bank of New York Mellon's Remit Worldwide solution is an excellent way for us to better service the needs of our clients while maintaining tight controls over our expense, risk, and technology exposure."