A press release entitled, "BNY Mellon Treasury Services Launches Cross-Currency Sweeps, Automating Liquidity Management for Clients," tells us, "BNY Mellon Treasury Services clients are now able to significantly enhance the efficiency of their cash management following the introduction of cross-currency sweeps, the latest addition to the firm's rapidly expanding liquidity management product suite. Cross-currency sweeps are an automated liquidity management tool that enables clients that maintain cash in multiple currency accounts to concentrate cash into their base currency. Such sweeps can be particularly valuable in helping clients limit their exposure to foreign exchange (FX) volatility and negative interest rate-bearing currencies. Liquidity management tools like cross-currency sweeps automate what was previously a time-consuming and resource intensive process for corporate treasurers and their cash management teams. Clients without access to such solutions are obliged to move cash from non-core currency accounts into their base currency account themselves, requiring manual effort and potentially introducing market risk into the treasury and cash management functions." BNY Mellon's Greg Malosh comments, "The launch of cross-currency sweeps is an example of how we're building technology-driven automated solutions to address the cash and liquidity management needs of our clients. This marks the first in a series of improvements we're implementing over the course of the next year to deliver a full range of sophisticated and intelligent solutions, and we are excited to continue to increase our array of offerings as demand grows for liquidity services." The release adds, "In addition to this latest solution, BNY Mellon's existing liquidity management offering also includes single currency domestic, cross-border and multi-bank sweep capabilities. This comprehensive set of tools allows clients to efficiently manage counterparty risk and optimize liquidity across all providers to achieve their cash and liquidity management objectives.... BNY Mellon is currently piloting cross-currency sweeps with several clients, including fintechs, financial institutions, multinational corporates and fund administrators. Initially, the product will be available for USD, GBP, EUR, CAD and CHF, with the aim to extend the capabilities to include AUD and JPY in the near future."

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