BNY’s iDeal opens door to Global Client Base

Leading custodian, Bank of New York Mellon has expanded the offering of its iDeal Forex payment gateway. The web-based solution

Leading custodian, Bank of New York Mellon has expanded the offering of its iDeal Forex payment gateway. The web-based solution will now be available to cross-border clients looking to make payments internationally.

The online payment platform is available on the internet and is connected to BNY’s treasury and FX desks thus offering clients competitive pricing and trading solutions.

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The iDealer was built on the Adobe Flex Technology with enhanced order work flow for FX payments.

iDeal has a lot of advantages for traders including a wide selection of transaction types such as; manual input, file upload, and FTP transmission. The system allows multiple FX payments for the same currency to be aggregated and priced in bulk. Stores repetitive payment instructions to facilitate the creation of routine foreign currency payments.

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In addition, there is a robust reporting system whereby the payment tracking module monitors the status of drafts and wires from transaction initiation to beneficiary delivery.

With locations in six continents and a network of more than 2,000 correspondent financial institutions, BNY Mellon’s Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries.

The iDeal platform processes more than $1.5 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.

BNY has been in disputes with US-based pension funds about price discrepancies.

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