It seeks to reduce the complexities and costs associated with cross-border transactions.

BNY Mellon and Mizuho Bank announced a new partnership aimed at expanding their correspondent banking network to facilitate international trade.

The partnership, which leverages both institutions’ trade networks, seeks to reduce the complexities and costs associated with cross-border transactions, particularly in the face of rising regulatory demands around know-your-customer (KYC) and compliance.

This market-first agreement allows BNY Mellon and Mizuho Bank clients to access an expanded network, streamlining trade services and simplifying compliance processes.

Through BNY’s Trade Network Access Service, the agreement is expected to offer trade opportunities to corporate clients in Asia without requiring significant infrastructure investments.