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First Midwest Bank Launches Cash Worldwide, a Global Remittance Service Based on The Bank of New York Mellon's Remit Worldwide(SM) Platform

Posted on: Tuesday, 19 May 2009, 07:15 CDT

NEW YORK and ITASCA, Ill., May 19 /PRNewswire/ -- First Midwest Bank and The Bank of New York Mellon today announced the successful debut of Cash Worldwide, a new First Midwest product offering that will allow customers to remit funds directly to beneficiaries in other countries using The Bank of New York Mellon's Remit Worldwide(SM) solution.

A major form of cross border funds transfer, remittances represent an important growth opportunity for banks like First Midwest serving customers with beneficiaries abroad. One of the banking industry's most robust remittance solutions, Remit Worldwide is provided by The Bank of New York Mellon's Treasury Services group, a global leader in cross-border payments. Remit Worldwide allows clients to tap into The Bank of New York Mellon's extensive global payments experience, worldwide network of correspondent banks, and technology-rich remittance solution, while at the same time maintaining the integrity of their brand and retaining control over product pricing and service fees.

"First Midwest's commitment to the communities it serves squares perfectly with our approach to supporting our bank clients," said Eric Kamback, executive vice president of The Bank of New York Mellon and chief executive officer, Treasury Services. "Making sure the product meets the needs of their customers while relying on our experience, expertise and technology resources is the ideal way for First Midwest to add remittances to their portfolio of product and service offerings. We look forward to helping them make Cash Worldwide a success."

"The rich diversity of our client base makes remittances an important addition to our service offerings," said Jan Viano, President of First Midwest Bank's Retail Banking Group. "The Bank of New York Mellon's Remit Worldwide solution is an excellent way for us to better service the needs of our clients while maintaining tight controls over our expense, risk, and technology exposure."

The premier relationship-based banking franchise in the growing Chicagoland banking market, First Midwest is one of the Chicago metropolitan area's largest independent bank holding companies. Providing a full range of both business and retail banking and trust and investment management services through some 100 offices located in 62 communities, primarily in metropolitan Chicago, First Midwest was recently recognized by the Alfred P. Sloan Awards for Business Excellence in Workforce Flexibility in the greater Chicago area. More information is available at www.firstmidwest.com.

Recognized for the second consecutive year in 2009 by Global Finance magazine as the leading provider of white-label treasury products and services for client banks, The Bank of New York Mellon's Treasury Services group provides Remit Worldwide as part of an extensive portfolio of Enterprise Treasury Services solutions, including cash management, trade, and back-office outsourcing services. Delivering high quality performance in global payments, trade services, cash management, capital markets, foreign exchange and derivatives, Treasury Services helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 currencies. The Bank of New York Mellon is the third largest participant in CHIPS funds transfers in the U.S. and is the world's sixth largest participant in SWIFT.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $19.5 trillion in assets under custody and administration, $881 billion in assets under management, services more than $11 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.

SOURCE The Bank of New York Mellon Corporation

Source: PR Newswire

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