The Bank of New York Mellon and the Industrial and Commercial Bank of China (ICBC) announce ICBC’s launch of Remit Worldwide(SM), the global remittance software provided by The Bank of New York Mellon’s Treasury Services Group.
ICBC’s launch will enable customers of Remit Worldwide sending banks to remit funds to beneficiaries with ICBC accounts. Cash pickup services will be provided at more than 880 ICBC banking offices and all networks throughout Shanghai.
“Remittances represent a major form of cross-border funds transfer, and beneficiaries receiving remittances from customers of Remit Worldwide-participating banks represent an important growth opportunity for ICBC,” says Richard A. Brown, head of Treasury Services for The Bank of New York Mellon in Asia-Pacific. “Reflecting our considerable global payments capabilities, technology strengths, and extensive experience working with correspondent banks, Remit Worldwide allows ICBC to access this area of potential growth while also maintaining quality service delivery and safeguarding the integrity of the bank’s brand.”
“Access to beneficiaries in China significantly expands the scope our service, bringing to 15 the number of receiving countries accessible via Remit Worldwide. We place a very high value on ICBC’s trust, and look forward for continuing our work with them across a broad range of treasury services initiatives.”
L.D.