BNYMellon's global mass payment services are focused on international ACH (IACH) transaction. According to the bank, the services are designed to allow Fulton Bank's Global Exchange Group to enhance the scope and sophistication of its international payment solution offerings without incurring the time-to-market, expense and risk management pitfalls often associated with internally developed solutions.
IACH represents an area of strategic focus for BNYMellon, and is a key component of its global mass payments offering. The bank's IACH network is already established in Europe, Asia-Pacific, Africa, North America and Latin America, and is currently slated to grow from 25 to 35 countries, including expansions in Latin America and Asia. Other global mass payment features include an array of file transfer options, a range of reporting features, integrated FX support, and alternatives such as wire transfer and foreign drafts when IACH is not available.
"Service providers like the Global Exchange Group are taking on an increasingly important role in the delivery of treasury services in today's global economic environment," said Eric Kamback, EVP, BNYMellon and CEO, treasury services, in a statement. "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."