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 introduction of ISO 20022, the new payments messaging standard, is set to revolutionise the payments industry. ISO will replace existing SWIFT MT messages and their equivalents, which are unsuitable for supporting evolving transaction needs, as the format for the transfer of cross-border and high-value payment information. Crucially, the new messages will incorporate more structured, robust and comprehensive data, thereby driving enhanced speed and efficiency; reducing false positives, manual intervention and costs; and helping to pave the way to 100% straight-through processing (STP).
As these deadlines draw nearer, considerable efforts and resources from all participants will be necessary to meet the associated challenges. But, by establishing a clear transition roadmap, educating staff and upgrading their systems, banks – and their clients – can unlock the full benefits of ISO 20022.
The article can be read 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)
Following an interview during Sibos, Paul Camp, CEO of Treasury Services at BNY Mellon features in a bobsguide article examining technology investment. Paul explains that there is a need to invest both in current systems that are used daily by clients, while also looking to the future.
“What we are very cognisant of – and the technology companies don’t always get it – is that our clients need both,” said Camp on the side lines of the conference. “They need the stuff which works today and has worked for years, because that model is not going to switch instantaneously, and they need a path to the future.”
To read the full article, please click here
BNY Mellon has won three awards in EMEA Finance magazine’s 2019 Treasury Services Awards, including retaining its title of “Best Transactional Bank for Financial Institutions in EMEA” for an astonishing tenth consecutive year. BNY Mellon was also named “Best Transactional Bank for Financial Institutions in the Middle East” and the provider of the “Best FX Services in EMEA” for its market-leading FX solution, SmartPaySM Global.
The awards were presented to BNY Mellon Treasury Services’s Bana Akkad Azhari, Head of Relationship Management MEA and CIS; Marcus Sehr, Head of Europe; and Ross Jones, Head of FX and Multicurrency Payment Product, at Sibos.
To read the full awards write-up in EMEA Finance, please click here (please note, the article lies behind a paywall)
This is an extraordinary moment in the history of one of the Middle East’s largest economies. The changes underway in Saudi society are both palpable and visible. And the changes underway within the Kingdom’s banking and financial system are equally remarkable, if less visible. As with other countries, digitisation is causing banks to fundamentally rethink their role, while new players are providing innovative services to both consumers and businesses alike. Here, a roundtable co-hosted by BNY Mellon, the Saudi Investment Bank (SAIB) and EMEA Finance brings together industry leaders to share their views and expertise on how banks in the Kingdom are adapting to the evolving landscape and capitalising on new opportunities.
To read the full write-up, see the Sibos edition or click here (please note, the article lies behind a paywall)
The influx of fintechs into the payments space has kickstarted an unprecedented period of innovation in transaction banking. Faced with new, tech-savvy competition, evolving client expectations, and with their own legacy infrastructure far from optimal, there is an increasing urgency for banks to deliver an enhanced, digital experience to clients. In Global Finance, Marcus Sehr, Head of BNY Mellon Treasury Services – Europe, discusses how banks are rising to this challenge, and transforming the way in which payments are processed.
To read the full article, see the “Sibos Supersection” of the magazine or click here (please note, the article lies behind a paywall)
With the market for payables finance – and the understanding of it – evolving all the time, Deutsche Bank has released a revised and updated guide that seeks not only to factor in the latest developments, but also to re-evaluate the key questions that define the industry. What is payables finance and where does it fit into the wider universe of supply chain finance techniques? What is driving demand for these solutions? How do the physical and financial supply chains interact? And how do you go about setting up a successful programme?
“Payables Finance A guide to working capital optimisation” can be read here.
The news was covered by: Business Money, Trade Finance Global International Trade Magazine, TRF news, TXF, The global treasurer