The Bank of New York Mellon Launches Remittance Service

The Bank of New York Mellon’s (BNYM’s) treasury services group has launched Remit Worldwide, an enhanced white-label product that will enable client US retail banks to facilitate worldwide remittances, a banking service which the bank sees as offering significant growth potential in terms of both revenue and customer relationships. BNYM first entered the remittance space several years ago with an offering that enabled non-US client banks to receive remittances from customers who had moved to the US and wanted to remit funds back home. The bank describes Remit Worldwide as being enhanced to offer a more robust white-label solution, enabling customers of client US banks to remit funds directly to beneficiaries overseas.

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