Fund launches & closures

BNY Mellon launches FX service in Asia

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BNY Mellon has launched in Asia-Pacific its web-based application for cross-border payments involving foreign exchange transactions.

The solution previously focused on payments originating in the Americas, is now also available to clients in Europe, the Middle East and Africa.

BNY Mellon says that while they already provide US dollar payment service to most Asia-Pacific markets, adding an FX solution allows its clients to consolidate all payment activity through a single service provider.

While cross-border settlement originates in US dollar, the end beneficiary often wants local currency and the bank’s iDeal Forex provides for that type of solution across more