The Bank of New York Introduces Private Label Internet Direct Collections; Another Trade Technology First for The Bank of New York

Apr 10, 2001, 01:00 ET from The Bank of New York

    NEW YORK, April 10 /PRNewswire/ -- The Bank of New York today announced
 the first browser-based, private label USD export collections service.  This
 complements the Bank's prior successes in introducing innovative, on-line
 trade products, such as letter of credit initiation and Trade Internet
 Query(SM), both of which can also be offered on a private label basis.
     Private Label Internet Direct Collections is designed to deliver a
 complete, cost-efficient collections solution to correspondent banks and their
 customers, with straightforward access via the correspondent's own unique
 secure internet site.  Banks and their clients are able to take advantage of
 The Bank of New York's behind-the-scenes automated tracking, payment
 processing, and reporting strengths.  Additionally, they benefit from rapid
 implementation, reduced back-office processing and technology overheads, and
 can achieve a distinct competitive advantage.
     Morgan Brassler, executive vice president of Global Trade Services at The
 Bank of New York, stated, "This new offering provides our correspondent banks
 and their exporting customers with an automated solution to a labor-intensive
 process.  It further expands our relationships with correspondent banks by
 enabling them to use our unique suite of proprietary trade solutions, and
 demonstrates our strong ongoing commitment to leading the introduction of
 value-added trade processing products using the latest technology."
     The Bank of New York is one of the leading providers of trade service
 products and outsourcing in North America.  In addition to its U.S. processing
 centers, the Bank has overseas trade operations in Hong Kong, Seoul, Pusan,
 Tokyo, Osaka, Shanghai, Singapore, Taipei, Frankfurt and London.  If you would
 like additional information about our trade services, please contact William
 Kirk, senior vice president at 212-635-7224.
     The Bank of New York was founded in 1784 by Alexander Hamilton and is the
 nation's oldest bank.  It is the principal subsidiary of The Bank of New York
 Company, Inc. (NYSE:   BK), a financial holding company.  With over $77 billion
 in total assets as of December 31, 2000, the Company provides a complete range
 of banking and other financial services to corporations and individuals
 worldwide through its basic businesses, namely, Securities Servicing and
 Global Payment Services, Corporate Banking, BNY Asset Management and Private
 Client Services, Retail Banking, and Financial Market Services.  Additional
 information on the Company is available at http://www.bankofny.com.
 
 

SOURCE The Bank of New York
    NEW YORK, April 10 /PRNewswire/ -- The Bank of New York today announced
 the first browser-based, private label USD export collections service.  This
 complements the Bank's prior successes in introducing innovative, on-line
 trade products, such as letter of credit initiation and Trade Internet
 Query(SM), both of which can also be offered on a private label basis.
     Private Label Internet Direct Collections is designed to deliver a
 complete, cost-efficient collections solution to correspondent banks and their
 customers, with straightforward access via the correspondent's own unique
 secure internet site.  Banks and their clients are able to take advantage of
 The Bank of New York's behind-the-scenes automated tracking, payment
 processing, and reporting strengths.  Additionally, they benefit from rapid
 implementation, reduced back-office processing and technology overheads, and
 can achieve a distinct competitive advantage.
     Morgan Brassler, executive vice president of Global Trade Services at The
 Bank of New York, stated, "This new offering provides our correspondent banks
 and their exporting customers with an automated solution to a labor-intensive
 process.  It further expands our relationships with correspondent banks by
 enabling them to use our unique suite of proprietary trade solutions, and
 demonstrates our strong ongoing commitment to leading the introduction of
 value-added trade processing products using the latest technology."
     The Bank of New York is one of the leading providers of trade service
 products and outsourcing in North America.  In addition to its U.S. processing
 centers, the Bank has overseas trade operations in Hong Kong, Seoul, Pusan,
 Tokyo, Osaka, Shanghai, Singapore, Taipei, Frankfurt and London.  If you would
 like additional information about our trade services, please contact William
 Kirk, senior vice president at 212-635-7224.
     The Bank of New York was founded in 1784 by Alexander Hamilton and is the
 nation's oldest bank.  It is the principal subsidiary of The Bank of New York
 Company, Inc. (NYSE:   BK), a financial holding company.  With over $77 billion
 in total assets as of December 31, 2000, the Company provides a complete range
 of banking and other financial services to corporations and individuals
 worldwide through its basic businesses, namely, Securities Servicing and
 Global Payment Services, Corporate Banking, BNY Asset Management and Private
 Client Services, Retail Banking, and Financial Market Services.  Additional
 information on the Company is available at http://www.bankofny.com.
 
 SOURCE  The Bank of New York