BNY Mellon has launched a foreign exchange (FX) and multi-currency services that it says allows seamless payments in more than 160 countries from a single US or UK-domiciled account.
SmartPay Global offers two main services
- FX payments and receipts: Enables participants to utilize a single BNY Mellon account to make a payment in more than 125 currencies or receive a payment in more than 40 currencies.
- Global payments and receipts: Allows users to make and receive payments in the local currency of their BNY Mellon account, with accounts available in more than 40 countries.
Financial institutions with global payment requirements can use the new service to access the bank’s existing FX and multi-currency payment solutions, with “minimal onboarding and integration”, says the bank
The new service enables users to offer an expanded selection of currencies to clients and provides a range of customisable options for applying FX rates and tiers to their clients’ payments and receipts. Participants can utilise the service to offer clients differentiated FX payment pricing.
An additional feature is that users can also offer FX and multi-currency payments to their clients without concerns about losing control of the relationship to a third party.
“FX markets are constantly evolving – and so are we,” said Ed McGann, head of FX overlay and FX payments, BNY Mellon Markets. “SmartPay Global is an example of how our investment in FX platforms are delivering world class payments solutions to our clients.
“The partnership between markets and treasury services enables us to meet the needs of our clients through integrated FX and payments capabilities in a seamless and efficient manner.”