US-based BNY and Japan’s Mizuho Bank have signed an agreement to collaborate on trade services.
BNY and Mizuho Bank have signed an agreement for correspondent bank network connectivity for international trade, according to a statement. Powered by BNY’s «Trade Network Access Service», both banks will be able to access each other’s trade network with streamlined trade services and simplified compliance processes.
«This empowers them to trade more effectively and expand in new markets. The non-competing alliance between BNY and Mizuho Bank offers enhanced solutions to corporate clients in Asia without significant investments by either institution in trade infrastructure,» the statement said.
«As we continue to see dislocations of global supply chains, our clients continue to desire to expand cross-border trade opportunities,» added Tsutomu Yamamoto, managing executive officer, head of global transaction banking unit at Mizuho Bank. «This landmark collaboration with BNY will help our clients capture new trade opportunities while managing risks, contributing to global trade growth in the long run.»
