A payment processing glitch at BNY Mellon this week should not be a surprise as executives inside the world's largest custody bank recently highlighted a number of problems with the daily task of moving trillions of dollars around the global banking system.
The bank provides payment services in more than 100 currencies through more than 2,000 correspondent bank accounts worldwide. Known as a trust bank, BNY Mellon safeguards and keeps track of nearly $26 trillion in assets for clients that include the largest asset managers, pension plans and corporations around the globe.
The breakdown is the second major technology glitch to happen at BNY Mellon in the past 18 months.
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