BNY Mellon has launched a new version of iDeal Forex, the company's web-based application for cross-border FX payments.

iDeal Forex enables users to manage FX-related aspects of their commercial payment and receipt processing on-line. Specific functionalities include the initiation and authorization of cross-border payments; currency conversion via real-time FX rates; and maintenance of payment instructions used for ad hoc or repetitive payments.

Developed using Adobe Flex technology, the new version of iDeal Forex is completely redesigned. Enhancements include an improved workflow for creating and submitting FX payment requests; a redesigned reporting module that organizes frequently-run reports; and a new e-mail notification functionality, according to BNY Mellon.

John Orr, managing director at BNY Mellon Global Markets and iDeal Forex product manager, said: “We’re committed to maintaining BNY Mellon’s service and technology leadership across all segments of the FX marketplace. The improvements in the new version of iDeal Forex reflect extensive inputs from our corporate and investment management clients, and will make it easier for them to manage FX-related aspects of their treasury and accounts payable activities internationally.”