The service allows customers in the US to remit funds to any of Bank of China’s global and local 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.
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 a portfolio of white label solutions, including an array of cash management and trade finance services, offered to other financial institutions by BNY Mellon’s treasury services group.
Wendy Miller, head of multicurrency services for BNY Mellon treasury services, said: “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 US customers.”
