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BNY Mellon expands iDeal forex service to support clients globally
Publication date: 26 March 2012
Author: BNY Mellon
BNY Mellon today announced the global expansion of iDeal Forex, its Web-based application for cross-border payments involving foreign exchange (FX) transactions. A user-friendly, proven solution previously focused on payments originating in the Americas, iDeal Forex is now available to clients in Europe, the Middle East, Africa, and Asia-Pacific.
iDeal Forex combines the electronic payment processing capabilities of BNY Mellon Treasury Services with the FX trading capabilities of BNY Mellon Global Markets to deliver a fully integrated solution for clients making cross-border payments. Features include the ability to manage the FX-related aspects of commercial payments and receipt processing on-line; Web-based initiation and authorization of cross-border payments; currency conversion based on real-time FX rates supporting more than 70 currencies; and maintenance of payment instructions used for ad hoc or repetitive payments. Clients can make payments via wire transfer or drafts, initiated via either iDeal Forex’s intuitive Web interface or file upload. iDeal Forex also provides a wide array of informational and reporting services, including beneficiary e-mail notification.
“The expanded availability of iDeal Forex for our clients worldwide is another example of how we’re collaborating across BNY Mellon’s businesses to enhance the delivery of Treasury Services to our clients on a global basis,” said Susan Skerritt, executive vice president and global head of Business Strategy & Market Solutions for BNY Mellon Treasury Services. “FX conversions are key to global payment processing, and this expansion in the availability of iDeal Forex is part of a larger, strategic effort to leverage BNY Mellon’s strengths in payments and global markets to the benefit of our clients.”
“Partnership and collaboration have always been hallmarks of our delivery of FX trading services to our Treasury Services clients,” said Frank Pusateri, head of corporate foreign exchange sales for BNY Mellon Global Markets. “This expansion of iDeal Forex extends the service’s geographic reach, and also demonstrates BNY Mellon’s commitment to delivering seamless FX service enhancements.”
With locations on six continents and a network of more than 2,000 correspondent financial institutions, BNY Mellon’s Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing more than $1.5 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.
BNY Mellon Global Markets includes the Foreign Exchange and Derivatives business of The Bank of New York Mellon together with the securities business of BNY Mellon Capital Markets, LLC, an SEC registered broker dealer1. These three businesses provide products for corporate, institutional and high net worth investors to access liquidity, execute investment and hedging requirements, and manage risk. With foreign exchange sales and trading desks in New York, Boston, Pittsburgh, London, Brussels, Hong Kong, Tokyo, Taipei, Seoul and Shanghai, BNY Mellon Global Markets has access to more than 100 countries, and is recognized by industry publications as a global leader in FX research and FX technology. BNY Mellon’s derivatives business offers hedging products based in the interest rate, currency and equity markets, and BNY Mellon Capital Markets underwrites and transacts on Exchange and over the counter markets in a broad range of debt and equity securities.
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