BNY Mellon, a global investment organization, has recently declared its acceleration of transparent cross-border payments between China and Egypt.
As per the current scenario, low-value global payments faced restricted value transparency and vagueness for settlement timelines. BNY Mellon is working as a mediator for payments among three organizations namely the Shanghai Pudong Development Bank, remitting bank, and QNB Al Ahli Egypt by utilizing the updated SWIFT Go service. Following the updated process, the confirmation of any transaction has been received in less than three hours, which usually takes around two days to do in the earlier scenario.
Isabel Schmidt, Co-Head of Global Payments Products at BNY Mellon, commented, “We’re thrilled to introduce cost-effective solutions for a better payment experience. Thanks to this collaboration, our clients in the region will see a wide range of benefits, including faster speeds, more predictable fees, and greater security.”
Organizations and customers have been experiencing challenges while transacting a small amount such as restricted transparency over costs and vagueness regarding the delivery of transactions. As of July 2021, BNY Mellon claimed to be the first-ever US bank to encourage SWIFT Go, which would enable financial organizations to assist effective and trustworthy cross-border payments taking place among small and medium organizations and customers.
Mohamed Bedeir, CEO of QNB AlAhli, stated, “QNB AlAhli is pleased to be the first bank in Egypt to participate in this innovative initiative to introduce a better cross-border payment experience for our clients. With this successful collaboration, we are not only facilitating and enhancing the payment industry, but also supporting financial inclusion.”
This transaction between Egypt and China is the most recent achievement for BNY Mellon and its aim to modernize and innovate global transactions. The organization also released the payment solution along with the real-time electronic bill (e-bill) as of May 2021. It was also the first-ever bank to offer a Request for Payment (RFP) message service.
