- BNY Mellon ( NYSE: BK ) has successfully facilitated 'new SWIFT Go service', a fully-transparent payment transaction between Egypt and China overcoming the previously, low-value international payments experienced limited cost transparency and uncertainty over settlement timelines.
- BNY Mellon acted as an intermediary for a payment between QNB Al Ahli Egypt, the remitting bank, and Shanghai Pudong Development Bank, the beneficiary bank, which took less than three hours as compared to previous transfers completed over two days.
- In July 2021, BNY Mellon announced it was the first US bank to support SWIFT Go, a new service that allows financial institutions to facilitate efficient and reliable cross-border payments between consumers or small- and medium-sized companies.
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BNY Mellon faciliates cross-border payment transactions between Egypt and China