New York Life insurance company, which stated readiness to pay off compensations to the heirs of those who survived the Armenian Genocide in the Ottoman Empire in 1885-1915, has not clarified the payment mechanisms yet. However, recently there came information that the Reconciliation Foundation Council ordered the HSBC Bank Armenia to organize payments. The Bank acknowledged the receipt and informed the payments have been already launched. At that a bank employee remarked that the Foundation will send notifications to all interested persons. Besides, he assured that the payment order will be published in the near future. He also noted that all those whose appeals were complied by the Foundation will receive compensations. The process however may last over a month, reports IA Regnum.

New York Life launched payments on November 11 upon receiving 2515 appeals from the Armenian Genocide heirs. The sum destined for Armenia makes $3,6 million. $2,7 will be paid to those living in the U.S. In all, Armenian residing in 26 countries will receive compensations. The sum totals some $8 million. $3 million will be distributed among philanthropic organizations.