The Bank of New York Mellon Corporation and Mizuho Bank, Ltd. have announced a landmark agreement to collaborate on correspondent bank network connectivity for international trade. This alliance aims to address the rising costs and complexities faced by banks due to increasing regulatory and compliance demands in global trade.
The agreement offers expanded connectivity for clients by leveraging the extensive trade networks of both institutions, enhancing services through frictionless access and simplified compliance processes. This empowers corporate clients, particularly in Asia, to trade more effectively and expand into new markets without significant new infrastructure investments by either bank.
Jennifer Barker, Global Head of Treasury Services and Depositary Receipts at BNY Mellon, highlighted the importance of cross-border trade for economic growth and the vital role of trade finance solutions. This collaboration strengthens BNY Mellon's ability to support clients in scaling their businesses globally through its Trade Network Access Service.
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