The Bank of New York Introduces XpressDox(sm)
NEW YORK, December 13, 2005 - The Bank of New York, a global leader in treasury management services, has introduced XpressDoxSM, a web-based letter of credit delivery and document management system using the Bank’s proprietary software.
Through XpressDox, exporters and financial institutions can reduce the time spent managing the letter of credit document examination process. This simple and cost-effective service allows clients to securely transmit images of their letter of credit documents from any location with Internet access directly to the Bank’s processing system, resulting in reduced expenses, improved days sales outstanding and the faster resolution of discrepancies. The Bank of New York is the first U.S. bank to offer this capability on a private-label basis to correspondent banks.
Eric Kamback, executive vice president and head of global payment and trade services at The Bank of New York, said, "Our innovative solutions are flexible enough to meet all our clients’ trade needs, whether their objective is to accelerate cash flow or to improve operating efficiency. XpressDox provides exporters with a simple method for the submission and management of letter of credit documents, while offering a major competitive advantage to the Bank by increasing our trade processing efficiency."
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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