Bank of NY Mellon releases global remittance platform

Bank of New York Mellon launched Remit Worldwide, a white-label remittance platform that enables its client retail banks in the US to provide international money transfer services. The step is timed a week after Citigroup launched its global remittance system, created by the group’s recent acquisition, MTO PayQuik. Some years ago, BoNY Mellon entered the remittance arena with a system that enables non-US client banks to receive remittances from US immigrant customers. The newly-released platform extends the service by enabling customers of client US banks to remit funds directly to beneficiaries overseas.

The bank says the new platform allows client banks to cash in on the growth in the remittance market while avoiding the costs and complexities of developing a global remittance infrastructure. Al Briand, MD and head of product management and business strategy at BoNY Mellon's treasury services group, lays the blame for the small share of US banks in international remittances on infrastructure and technology constraints.

"Remit Worldwide unlocks the global remittance door, allowing client banks in the US to capture a bigger share of this growing market without incurring undue technology risk or development expense,” he says.