BNY Mellon and Bank of China launch Web-based remittance service

Source: BNY Mellon

BNY Mellon and Bank of China, New York Branch (BOC-NYB) today announced the launch of BOC-NYB's new Web-based remittance service.

Allowing customers in the U.S. to remit funds to any of Bank of China's more than 100 global locations and thousands of locations in China, as well as to virtually all other banks in China, the service is based on the Remit Worldwide solution provided by BNY Mellon Treasury Services.

BOC-NYB said the new Web-based service will provide a readily accessible, user-friendly solution for U.S. customers looking for a better way to transfer funds to China. The service will also benefit beneficiaries, who will welcome the convenience and security of receiving remittances in a banking environment.

"The extensive reach of its retail network in China and the sophistication of its electronic banking capabilities make BOC-NYB an outstanding addition to the roster of global banks using a Web-based version of our Remit Worldwide solution to serve their U.S. customers," said Wendy Miller, head of multicurrency services for BNY Mellon Treasury Services. "The successful launch of their new remittance site is a win for BOC-NYB, its customers, and the banking industry as a whole."

Remit Worldwide enables customers of client banks to remit funds directly to beneficiaries via BNY Mellon's integration of ACH, SWIFT messaging, and correspondent banking networks in support of global funds transfers. Remit Worldwide is part of an extensive portfolio of white label solutions, including a comprehensive array of cash management and trade finance services, offered to other financial institutions by BNY Mellon's Treasury Services group.

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