The Industrial and Commercial Bank of China (ICBC) has recently launched a new service, Remit Worldwide, the global remittance solution provided by The Bank of New York Mellon’s Treasury Services Group.

The service will enable customers of Remit Worldwide sending banks to remit funds to beneficiaries with ICBC accounts. Cash pickup services will be provided at more than 880 ICBC banking offices and all networks throughout Shanghai. ICBC plans to eventually extend Remit Worldwide participation to more retail locations.

ICBC has more than 16,000 locations in Mainland China and 134 overseas branches and subsidiaries in 15 other countries and areas worldwide. ICBC has also established agent bank relationships with more than 1,400 banks in 122 countries and areas of the world.

Remit Worldwide is an enhanced white-label offering that enables customers of client retail banks to remit funds directly to beneficiaries overseas via Remit Worldwide’s network of receiving banks. Remit Worldwide is part of an extensive portfolio of white label solutions, including a comprehensive suite of cash management and trade finance services, offered to other financial institutions by The Bank of New York Mellon’s Treasury Services group.

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