BNY Mellon Provides Electronic Bill Presentment and Payment Solution to the American Red Cross
NEW YORK, June 2 /PRNewswire/ -- BNY Mellon Treasury Services today announced the successful deployment of an advanced bill presentment and processing solution used by the American Red Cross to bill hospitals and other health care providers for Red Cross services in connection with the provision of blood products. Developed by BNY Mellon's ClearTran operation in West Paterson, N.J., the solution provides Red Cross customers with both electronic bill presentment and payment (EBPP) and paper-based billing alternatives, and is seamlessly integrated with the Red Cross treasury operations platform.
"The American Red Cross is the largest single supplier of blood and blood products in the United States, collecting and processing more than 40 percent of the nation's blood supply," said Tim Grouge, Vice President, Shared Services Center, American Red Cross. "We need to be as efficient and effective as possible in our back-office functions. The EBPP solution will help streamline the billing process for hospitals and other constituents who utilize our services."
"The most significant aspect of the solution we're providing to the American Red Cross is its degree of integration," said Kevin Fahey, managing director and head of BNY Mellon's ClearTran operation. "The challenges to integration are well known — the proliferation of EBPP channels, the application of new technologies to traditional lockbox operations, and the growing sophistication of the systems and platforms that connect companies and their concentration banks. Extensive experience and expertise across all aspects of payments processing are absolutely key to overcoming these challenges."
"We're always pleased when our solutions respond to our clients' business needs. The success of the Red Cross solution is particularly gratifying given the critical nature of the Red Cross mission," Fahey said.
With locations in 34 countries on six continents and a network of more than 2,000 correspondent financial institutions, The Bank of New York Mellon's Treasury Services group delivers high-quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 currencies. Processing more than $1.5 trillion in payments transactions on a daily basis, the company is a top-five participant in both the CHIPS and overall funds transfer markets, and is a recognized leader in the delivery of white-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.
SOURCE BNY Mellon