BNY Mellon extends currency clearing coverage for cross-border payments
BNY Mellon, the global leader in investment management and investment services, today announced the expansion of its Payment Decision Service, a fully automated offering that significantly enhances the ability of client banks to manage currency conversions while making cross-border payments.
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Leveraging the high level of straight through processing efficiency and reliability that have made BNY Mellon a leader in USD-denominated payment clearing services, this enhancement expands Payment Decision Service to accommodate payments in Euros (EUR), British Pound Sterling (GBP) and Australian dollars (AUD).
Payment Decision Service automatically applies instructions agreed upon between BNY Mellon and the client as customized and automated filters, with the ensuing currency conversion and payment execution completed within the instruction guidelines. Client support is an important aspect of BNY Mellon's Payment Decision Service offering, with the service supported by a dedicated inquiry team that provides quick and seamless turnaround on all inquiries and investigations.
"The continuing evolution of Payment Decision Service reflects our disciplined approach to developing a fully integrated, best-in-class suite of cross-border solutions that meets the needs of both payers and financial institutions in today's global economy," said Susan Skerritt, executive vice president and global head of business strategy & market solutions for BNY Mellon's Treasury Services group.