Bank of New York Mellon has announced that its treasury services group will be providing global mass payments services to the Global Exchange Group (GEG), a division of Fulton Bank.
The bank has said that the global mass payments services are designed to allow GEG to stremline its international payment solution offerings without incurring the time-to-market, expense and risk management pitfalls associated with internally developed solutions.
The bank has claimed that it has international ACH (IACH) network established in Europe, Asia-Pacific, Africa, North America and Latin America. Other global mass payment features include an array of file transfer options, range of reporting features, integrated FX support, and alternatives such as wire transfer and foreign drafts when IACH is not available.
Anthony Loiacono, president of sales and marketing for GEG, said: 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.
Eric Kamback, executive vice president of The Bank of New York Mellon and CEO, treasury services, said: 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.”
