Peer-to-peer payments have made consumer transactions cheap and efficient, but the business payment landscape lags, with 47% of B2B payments in 2019 made through cheques.
In recent years, BNY Mellon has been working to embed additional communication, reporting and security measures within B2B payments, ensuring payments are quick, secure and allow for documentation to be exchanged alongside the transactions.
“From a payments perspective, we’re ultimately saying, ‘What can make a payment move safer, more predictable, faster, and provide more transparency to the parties involved?'” Carl Slabicki, Head of Strategic Payment Solutions at BNY Mellon Treasury Services said. “Whether it’s a distributed ledger technology that can do that, or whether it’s a digital currency that can do that, we’re openly exploring all of these.”
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