BNY Mellon has unveiled a new foreign exchange and multi-currency service, which will enable consumers to make payments in over 160 countries.

Through the new service, dubbed SmartPay Global, users can make a payment in over 125 currencies or receive a payment in over 40 currencies from a single US or UK-based account.

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Moreover, users can make and receive payments in the local currency of their account.

BNY Mellon Treasury Services CEO Paul Camp said: “SmartPay Global provides our clients with access to a simple yet highly customisable payment solution that can meet the needs of their clients, while underpinned by BNY Mellon’s leading payment technology.”

The new service is said to require minimal onboarding and integration.

It is also said to provide financial institutions various options for applying forex rates and tiers to the payments and receipts of clients.

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All this is done without giving away the control to a third party, BNY Mellon said.

BNY Mellon Markets head of FX overlay and FX payments Ed McGann said: “SmartPay Global is an example of how our investment in FX platforms are delivering world class payments solutions to our clients.

“The partnership between Markets and Treasury Services enables us to meet the needs of our clients through integrated FX and payments capabilities in a seamless and efficient manner.”