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.
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