Transport and Development Bank JSC has officially established a correspondent banking relationship with The Bank of New York Mellon (BNY), a leading U.S. financial institution, and has successfully opened a U.S. dollar clearing account at BNY’s New York Branch, becoming one of the pioneering banks in Mongolia to do so.
This cooperation with BNY, a global leader in financial services, enables the direct processing of U.S. dollar transactions and provides substantial support to Mongolia’s cross-border trade and broader economic activities, while significantly enhancing the efficiency, reliability, and resilience of international payment settlements. At the same time, BNY’s decision to establish this relationship represents a strong endorsement of TransBank’s financial soundness, robust compliance framework, and adherence to international banking standards, thereby elevating the Bank’s international banking operations to a new level.
Through this direct USD clearing account, TransBank is now directly connected to the global U.S. dollar payment and clearing system, enabling the Bank to process its clients’ international transfers two to three times faster, with greater simplicity and improved cost efficiency.
BNY has been designated by the U.S. Financial Stability Board as a Global Systemically Important Bank (G-SIB) and ranks among the world’s top five banks for international U.S. dollar payment clearing. With a continuous operating history of more than 240 years, BNY serves the majority of Fortune 500 corporations in the United States and is currently recognized as the world’s largest custodian bank.