BNY Mellon announces it has successfully facilitated the first-of-its-kind, fully-transparent payment transaction between Egypt and China. Previously, low-value international payments experienced limited cost transparency and uncertainty over settlement timelines.

Leveraging the new SWIFT Go service, 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. Delivery of funds to the beneficiary and confirmation to the originating bank were achieved in less than three hours. A cross-border transaction between Egypt and China had previously taken over two days.

Businesses and consumers around the world have faced challenges when making smaller international payments, which include limited transparency over costs and uncertainty over when the funds will be delivered.

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.

The payment from Egypt to China is the latest milestone in BNY Mellon’s commitment to streamline and transform global payments. In May 2021, BNY Mellon launched the first-of-its-kind real-time electronic bill (e-bill) and payment solution. BNY Mellon was also the first bank to provide Request for Payment (RFP) messaging capabilities.