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BNY Mellon, Largest Crypto Custodian Bank, Launches Payments to China: Details

Wed, 10/12/2022 - 16:21
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Yuri Molchan
Oldest US bank, BNY Mellon, has set up seamless cross-border transactions between Egypt and China
BNY Mellon, Largest Crypto Custodian Bank, Launches Payments to China: Details
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BNY Mellon, the world's largest custodial bank has, as of yesterday, launched a quick and low-cost payment corridor between Egypt and China, according to a recent press release.

Launching fast payments to China

BNY Mellon has pulled off a first ever payment transaction from Egypt to China, partnering with QNB Al Ahli Egypt, the bank that sent the funds, and Shanghai Pudong Development Bank in China that received them.

The transaction took less than three hours, while previously it required two days to send money between these countries.

Making small transnational payments has become challenging in the past two years after the pandemic kicked off in 2020. Digital transactions and purchases have been rising in popularity since then.

BNY Mellon became the first bank that began using SWIFT Go last year. Top executive Isabel Schmidt from BNY Melon stated that thanks to using SWIFT Go, transactions will become faster, fees will be easier to predict and, overall, the security of payments will improve.

On Oct. 11, it officially entered the crypto custody business.

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Ripple and BNY Mellon

Ripple has become a rival to SWIFT, offering even faster transactions than SWIFT. If regular SWIFT transfers take several days, and those via SWIFT Go require several hours, funds transfers made by Ripple using XRP take minutes and do not require prefunding for the destination accounts.

Over the past few years, Ripple Labs has partnered with more than 300 financial institutions, many of which are major banks in various countries and regions around the world, including Spain, Japan and Latin America.

In 2016, BNY Mellon mentioned Ripple in its analysis report, writing that Ripple had taken a major stride in providing a standard to enable payments across payment networks.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.