BNY Mellon Powers Bank of China Remittance Website

Adoption of BNY Mellon's Remit Worldwide(SM) solution enables Bank of China to provide Web-based remittance services to U.S. customers

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BNY Mellon

Feb 11, 2010, 08:03 ET

NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- BNY Mellon and Bank of China, New York Branch (BOC-NYB) today announced the launch of BOC-NYB's new Web-based remittance service. Allowing customers in the U.S. to remit funds to any of Bank of China's more than 100 global locations and thousands of 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.

BOC-NYB said the new Web-based service will provide a readily accessible, user-friendly solution for U.S. customers looking for a better way to transfer funds to China. The service will also benefit beneficiaries, who will welcome the convenience and security of receiving remittances in a banking environment.

"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 U.S. customers," said Wendy Miller, head of multicurrency services for BNY Mellon Treasury Services. "The successful launch of their new remittance site is a win for BOC-NYB, its customers, and the banking industry as a whole."

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 an extensive portfolio of white label solutions, including a comprehensive array of cash management and trade finance services, offered to other financial institutions by BNY Mellon's Treasury Services group.

Bank of China is one of China's four state-owned commercial banks. Its businesses cover commercial banking, investment banking and insurance. Members of the group include BOC Hong Kong, BOC International, BOCG Insurance and other financial institutions. The Bank provides a comprehensive range of high-quality financial services to individual and corporate customers as well as financial institutions worldwide. Bank of China is the most internationalized commercial bank in China. BOC London Branch, the first overseas branch of the Chinese banks, was established in 1929. From then on, the Bank successively opened branches in global financial centers, and has built up its network in 29 countries and regions. Currently, it has more than 10,000 domestic operations and more than 600 overseas operations. More information on Bank of China, New York Branch is available at www.bocusa.com.

With locations in 34 countries on six continents and a network of more than 2,000 correspondent financial institutions, The Bank of New York 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 currencies. Processing more than $1.6 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 is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon