Although the ongoing pandemic brought significant disruption, it is also having the positive effect of bringing the digitalization agenda to the fore. And as flows of funds between Latin America and the rest of the world are returning to normal levels, the pandemic has precipitated a permanent change by speeding up the adoption of digital payment services, says Dino Sani, Head of Treasury Services for Latin America at BNY Mellon.
“BNY Mellon was already in this journey toward digitalization but COVID-19 accelerated the process,” Sani said. “And there’s a dramatic impact on our business.”
Latin American banks have been quick to embrace Swift’s Global Payment Initiative (GPI), a collaborative project in which participating banks build on an open platform (API) to add speed and transparency to international payments, according to Sani. And although Latin America’s economies to face a difficult year in 2021 as they open slowly, Sani expects an economic recovery to get underway. “We are seeing some light at the end of the tunnel,” he said.
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