The Bank of New York Mellon, the global leader in asset management and securities servicing, today announced that its Treasury Services group will be providing global mass payments services to the Global Exchange Group, a division of Fulton Bank.
Focused on international ACH (IACH) transactions, the global mass payments services being provided by The Bank of New York Mellon are designed to allow Fulton Bank's Global Exchange Group to significantly enhance the scope and sophistication of its international payment solution offerings without incurring the time-to-market, expense and risk management pitfalls often associated with internally developed solutions. IACH represents an area of strategic focus for The Bank of New York Mellon, and is a key component of its global mass payments offering. Already established in Europe, Asia-Pacific, Africa, North America and Latin America, The Bank of New York Mellon's IACH network is currently slated to grow from 25 to 35 countries, including expansions in Latin America and Asia. Other global mass payment features include a full array of file transfer options, a broad range of reporting features, integrated FX support, and alternatives such as wire transfer and foreign drafts when IACH is not available.
"We continue to build on our leadership status as a provider of international payments solutions," said Anthony Loiacono, president of sales and marketing for Global Exchange Group. "The Bank of New York Mellon's global mass payment services are a perfect complement to our own substantial product offerings, and we are seamlessly integrating these services into our platform. An outsourcing arrangement with a services provider with The Bank of New York Mellon's financial and technological strengths makes great business sense to us from both an operations and strategic growth standpoint."
"Service providers like the Global Exchange Group are taking on an increasingly important role in the delivery of treasury services in today's global economic environment," said Eric Kamback, executive vice president of The Bank of New York Mellon and chief executive officer, treasury services. "Providing treasury services like global mass payments on an outsourcing basis is a great way for us to help our clients achieve their business objectives while deriving more benefits of size and scale from our own treasury services operations."
A leader in international payment solutions, the Global Exchange Group is a division of Fulton Bank, the flagship bank of Fulton Financial Corporation (Nasdaq: FULT - News), which has assets of $16+ billion and has served communities in Pennsylvania, New Jersey, Delaware, Maryland and Virginia for more than 125 years. Additional information is available at www.gexchange.com.