Real-time payment initiatives are gaining traction, driven by new technological developments, customer expectations and evolving regulatory requirements. A growing number of countries in regions across the globe have implemented, or are planning to implement, their own systems to facilitate instant domestic transactions.
In FX-MM, Ross Jones, Product Line Manager, Global Payments, Treasury Services, BNY Mellon discusses the fast-moving real-time payments environment and how technology is fueling an overhaul of the way in which we transact. In particular, he considers initiatives by the US and Australia, and how the ISO 20022 global standard format and messaging system behind most of the newest real-time initiatives could help to facilitate real-time cross-border payments.
To read the full article in FX-MM’s Digital April edition, please click here. (Please note, free subscription required)
BNY Mellon’s Global Head of Trade Business Development for Treasury Services at BNY Mellon has been appointed to the International Chamber of Commerce (ICC) Banking Commission’s executive committee.
Dominic Broom’s appointment is part of a series of nominations by the Banking Commission to further strengthen its regulatory advocacy and rules of arbitration. He joins the committee with over 20 years’ experience in the finance industry that will be used to help promote trade finance around the world.
Broom said of the appointment “I am honored to have been given the opportunity to join this renowned and influential organization. BNY Mellon has an important role to play when it comes to promoting international trade and financial inclusion. It’s vitally important that we support our correspondent banking clients to ensure they have access to financial services across the world and that they’re able to provide cross-border payment services to their customers.”
Following Moorgate’s outreach, the news was covered by: FX-MM, bobsguide, Treasury Today, TMI, TXF, TFR, SCFBriefing and Global Banking & Finance Review
Fintech innovation is transforming the payments landscape, and as technology continues to evolve, the need to enhance the cross-border payment experience is becoming ever more evident. Indeed, the existing infrastructures in place are far from optimal. Typically taking three-to-five days to settle, cross- border payments are falling short of modern-day expectations.
Writing for FX-MM, BNY Mellon’s Bana Akkad Azhari discusses how banks are collaborating to transform the cross-border payment industry. She writes, “Without doubt, the industry is united in digitising payments, coming together collectively to overcome barriers and leverage technology to bring cross-border payments in line with the evolving needs of clients.”
To read the full article, please click here. Please note that part of this article is behind a paywall.
Fintech is triggering a monumental shift in the payments space, bringing new capabilities that are enhancing the transaction experience and fuelling client expectations for better, faster and more innovative solutions. Yet, while fintech start-ups have been able to make a mark in the retail business, successfully launching innovative solutions on the corporate side – where transactions are generally far more complex and necessitate higher levels of regulation and security – is a completely different situation.
In America Economia, Diego Ortellado, BNY Mellon Treasury Services’ Head of Sales and Relationship Management for South America, writes how, Latin American banks can play a key role in driving technological change in corporate payments by collaborating with fintech companies – helping to ensure not only that they remain at the hub of the payments business but also that they are able to profit from the rich rewards offered by digitalization.
To read the full article, please click here. Please note this article is in Spanish.
Blockchain, the distributed ledger technology that underpins bitcoin, is leading the financial industry’s technology revolution and has huge transformative potential.
In FX-MM, Tanna examines the progress of distributed ledger technology – such as the growing involvement of regulators – and its potential with respect to smart contracts and risk mitigation. Furthermore, the article describes how blockchain has played a key role in igniting a whole new approach to innovation in the banking world, with collaboration becoming increasingly commonplace as it is realised that a “joined up” approach – working unitedly on a common problem to solve it from an industry perspective – is crucial to achieving change on a huge scale.
To read the full article, please click here.
Speaking on an AFP Conversations podcast interview entitled “Blockchain, Faster Payments and More: How One Bank Navigates Fintech Innovation” BNY Mellon’s Chris Mager discusses the importance of payment innovation and his new role as Head of Global Innovation.
Emphasizsing that innovation is a priority in the current market, Mager discusses how BNY Mellon has pooled its innovation support resources into one focused team. He states that “Our goal is to bring more innovative solutions to market – and faster.”
To listen to the podcast interview in full, please click here.
Due to increased compliance checks as part of heightened banking regulations, many banks are shying away from markets that might be regarded as “too expensive”. This has exacerbated an already large trade finance gap, which recent Asian Development Bank (ADB) figures quantify at US$1.6 trillion. In a TFR roundtable discussion which examines factors influencing the trade finance gap and what can be done to reduce it, Dominic Broom, Head of Trade Business Development, Treasury Services, BNY Mellon, considers the stresses on the current banking model, calls on regulators to address the problem, and discusses the importance of correspondent banking.
To read the full discussion, please click here. (Please note this article is behind a paywall)
Albert Maasland is taking up the reins at Crown Agents Bank and Crown Agents Investment Management. Having been non-executive director of the group, Maasland also brings experience from JP Morgan, HSBC, Deutsche Bank, Standard Chartered and Saxo Bank.
FX-MM magazine and Trade & Export Finance covered news of the appointment.
Crown Agents Bank (CAB) has made two senior appointments as part of its strategy to become the leading trade and correspondent bank for emerging markets. The bank has appointed Duarte Pedreira as Head of Trade Finance to help invigorate a growing, bespoke trade finance service for emerging market clients, particularly in Africa and the Caribbean. Meanwhile, Colin Westlake has been appointed as Sector Head of Commercial Banks, where he will lead the bank’s core service provision of linking emerging market commercial banks with major money centres.
Pedreira joins CAB from AIG’s award-winning trade credit team, having previously held roles at Banif Bank, Caspian Sea Capital, and Standard Bank in Africa. Westlake was previously at Standard Chartered Bank for over 38 years – most recently as Head of Network Banks Europe.
Following outreach by Moorgate, coverage of the appointments was secured in Global Banking and Finance Review, Trade & Forfaiting Review, Trade & Export Finance, Trade Finance, Maritime First Newspaper, Tech City News, Global Trade Review, and Africa Capital Digest.
In a 60 Second Interview with the October edition of TFR, iGTB’s Head of Strategy Andrew England says he sees the trade finance and cash management landscape broadening out as banks review whether they want to build or buy trade and cash solutions going forwards. Andrew talks about the challenges facing banks, having looked at their infrastructure and their application programming interface technology and now considering how it can be used to link to specialist players in order to bring capabilities and products to clients more quickly.
“Most large banks talk about ‘centrification’,” he says, “and are getting rid of multiple systems, and making significant investments in reengineering the platforms that served them well in a previous life. They are simplifying accounting systems and extracting the key elements of liquidity management and information provision to create core technology assets that will always be used in the business.”
Andrew is clear that banks should not be worried about fintechs, who are niche and are not about to take over banks’ roles. Banks have a history of relationships, knowledge and credibility built up with clients over decades, and a multiplicity of assets and product offerings, such as capital markets, traditional trade finance, long-term and structured lending and providing core accounts, that fintechs are not interested in.
When it comes to potential partnerships, he says that there are currently a lot of conversations around risk appetite, and that partnership activity is currently concentrated around working capital provision.
Challenged on the gloom and doom about trade, and the wide-spread perception that banks are getting out of it, Andrew offers a longer-term and more upbeat perspective: “In Germany, 70% of the economy is services, and I think how we define trade will change – it’s no longer just merchandise. The explosion of data moving across borders is game-changing and, because of this data shift, the way in which we define ‘goods and services’ is being reconstructed before us.”
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