For some years, the payments landscape has been experiencing a shift from paper to digital solutions, with developments, including new real-time payments systems, the emergence of innovative overlay services, and the modernization of legacy rails, coalescing to meet evolving client needs.
Speaking on Fintech Finance’s Virtual Arena, Carl Slabicki, Head of Strategic Payment Solutions, BNY Mellon Treasury Services, explains how the Covid-19 pandemic has acted as a catalyst to drive forward this digital transformation. “As more and more businesses made the move to a remote working environment, BNY Mellon has had to adapt to better support their clients with accessing data, to afford capabilities from remote settings, and to provide increased assurances” says Slabicki.
To watch the full interview, please click here.
The introduction of ISO 20022, the new payments messaging standard, is set to revolutionise the payments industry. The existing infrastructures, including SWIFT MT messages and their proprietary equivalents, are no longer suitable for modern payment needs. By replacing them, the industry aims to create a messaging ecosystem that can facilitate an efficient, value-added payments experience for clients.
Of course, these benefits will come at a cost. Preparing for the new standard will require substantial efforts and resources from banks. It crucial that banks be fully apprised of the impending developments, understand what is required and have effective strategies in place. BNY Mellon’s Isabel Schmidt and Marcus Sehr explore in an article for the International Banker.
To read the full article, please follow this link.
The Latin American banking industry has experienced huge growth over the past two decades. In an interview with The Banker’s Silvia Pavoni, BNY Mellon’s Head of Treasury Services for Latin America, Dino Sani discusses how well-equipped financial systems, expert knowledge on managing volatility and a strong regulatory framework has led to the growth of regional giants.
When speaking on how technology will shape competition in the future, Dino Sani said, “In the short-run, the biggest challenges are not the current economic situation or the Covid-19 and how it affects our countries. For financial institutions, new technology is the main challenge – they need to reinvent themselves to be in the market, otherwise the markets will reorganise and the technology might make it more difficult for the more traditional banks to compete”.
To listen to the full video, click here and scroll to the bottom of the web-page.
As we come to grips with the Covid-19 pandemic, supply chains across the globe are under immense pressure. An unprecedented demand for supplies from supermarkets is offset by a demand slump from restaurants, cafes, hotels and bars that have been forced to shut their doors. This disruption will create new challenges for transaction bankers and may lead to long-term changes in global trade patterns.
“Filling in gaps in the supply chain, however, will come with new risks. Banks will need to weigh up the overall cost of this risk exposure in serving their clients, especially small and medium-sized enterprises”, says Joon Kim, Global Head of Trade Finance Product and Portfolio Management at BNY Mellon.
To read the full article, please click here.
Commerzbank has been named the world’s best export finance bank and Germany’s best trade finance provider for 2020 by specialist publication Global Finance.
Enno-Burghard Weitzel, Cluster Lead Trade Finance, Commerzbank, said: “Our 150-year history has been underpinned by building the trust of our clients – to help them expand into international markets and fulfil their business objectives. For us, these awards therefore represent a vote of confidence from the large corporates, the Mittelstand and the small enterprises that we serve.”
Moorgate, a Finn Partners company, prepared Commerzbank’s submission papers. More information can be found on the Global Finance and Commerzbank websites.
In a Global Finance article examining how trade finance is moving out of the paper age, Joon Kim, Global Head of Trade Finance Product and Portfolio Management at BNY Mellon Treasury Services, explains the value of AI in reviewing and authenticating trade documents, as well as in creating standardisation and improved efficiencies in KYC processes. Kim also notes the importance of data in enhancing trade finance.
To read the full article, please click here
BNY Mellon was recently named Best Transactional Bank for Financial Institutions in the Middle East by EMEA Finance magazine – an accolade that that has been published by the American Lebanese Chamber of Commerce. BNY Mellon was recognized for its commitment to providing exceptional client service, its strong banking relationships – on a non-compete basis – and its focus on enhancing the client experience.
To read the full article, please click here and scroll to page five
The trade finance gap is a serious issue that is impacting the health of global trade and business development in many countries across the world. In Asian Banking & Finance, BNY Mellon Treasury Services’s Joon Kim, Global Head of Trade Finance Product and Portfolio Management, and Arnon Goldstein, Regional Head of Relationship Management APAC, discuss the key findings of BNY Mellon’s recent global survey into the trade finance gap. The article examines solutions for addressing the gap, and the importance of taking action in order to ensure trade in Asia can reach its full potential.
To read the full article, please click here
As part of the “Finextra at Sibos” video highlights series, Saket Sharma, Chief Information Officer, BNY Mellon Treasury Services, was interviewed at Sibos for the video focusing on leveraging data.
He says: “In order to really harness the power of data and derive meaningful insights, a data strategy needs to be in place.
To view the full “vox pop style” video (with Saket’s commentary at 2 minutes in), please click here.
The payments landscape is evolving at a phenomenal rate. New technology developments are emerging faster than ever, driven by the growing culture for digital solutions, new regulatory requirements, and the increasing number of new entrants in the market that are challenging more traditional practices with cutting-edge concepts that appeal to the tech-savvy society of today. This convergence of factors is acting as a catalyst for banks to take action and modernise payments.
In the Journal of Payments Strategy & Systems, Michael Bellacosa, Global Head of Payments and Transaction Services, BNY Mellon Treasury Services, discusses the transformational power of SWIFT gpi. Importantly, the article also examines how banks need to maximise the possibilities of the new landscape and deliver real added value; looking beyond the payment itself and considering how they can harness toolkits such as SWIFT gpi to create solutions that best support their clients.
To read the full article, please click here (please note, the article lies behind a paywall)