BNY and Mizuho Bank to collaborate on Trade Services

The Bank of New York Mellon Corporation (“BNY”) and Mizuho Bank jointly announced a landmark agreement for correspondent bank network connectivity for international trade.

In this increasingly complex global environment, banks are experiencing rising costs and complexity due to increasing regulatory demands of know-your-customer (KYC) and compliance requirements. With banks operating a limited trade relationship network, cross-border trade opportunities with new counter-party banks are restricted.

A market-first, this agreement offers expanded connectivity for clients leveraging both institutions’ expanded trade network. It underscores both BNY and Mizuho Bank’s deep commitment to drive innovation and work towards digitalization of trade.

Tsutomu Yamamoto, Managing Executive Officer, Head of Global Transaction Banking Unit at Mizuho Bank says, “As we continue to see dislocations of global supply chains, our clients continue to desire to expand cross-border trade opportunities. 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.” He adds, “This is a natural alliance between two leading financial institutions that brings together complementary strengths and client segments.”

Through this agreement, both banks are able to enhance their services to clients through frictionless access to each other’s expansive trade network. Powered by BNY’s Trade Network Access Service, the correspondent banks’ end clients can expect 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.

Please follow us to read more about Finance & FinTech in Japan, like hundreds of readers do every day. We invite you to also register for our short weekly digest, the “Japan FinTech Observer”, on Medium, on LinkedIn, or on Substack.

We also provide a daily short-form Japan FinTech Observer news podcast, available via its Podcast Page. Our global Finance & FinTech Podcast, “eXponential Finance” is available through its own LinkedIn newsletter, or via its Podcast Page.

Should you live in Tokyo, or just pass through, please also join our meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.