BNY Mellon’s Carl Slabicki discusses the growing adoption of real-time payments by banks

Outdated payment systems, regulation, evolving consumer needs and promising fintech initiatives are all driving the demand for enhanced transaction capabilities. As a result, banks are increasingly adopting real-time payments to address evolving needs. In a commentary article for TMI, Carl Slabicki, Director, Immediate Payments, BNY Mellon Treasury Services, discusses how the real-time landscape is gaining traction, the implementation of the real-time payments (RTP) initiative in the US, and how banks and the wider industry can make enhanced, real-time payments a global reality.

To read the full article, please click here.

 

BNY Mellon’s Dino Sani examines how regtech could impact Latin American banks in BNamericas

In a commentary article for BNamericas, Dino Sani, Head of Treasury Services Latin America, discusses how regulation technology – or “regtech” – can enhance regulatory processes in Latin American banking. He examines the challenges banks are facing due to heightened compliance demands, the growing interest in regtech across the industry, and how regtech tools such as AI and blockchain technology could help to decrease compliance costs and improve efficiency.

To read the full article, please click here (please note, this article lies behind a paywall).

BNY Mellon’s Monika Aminiova discusses the impact of SWIFT gpi on cross-border transactions in PaymentsJournal

In a commentary article for PaymentsJournal Monika Aminiova, Cash Management Business Development Manager, Treasury Services EMEA, BNY Mellon, discusses how SWIFT gpi is helping to transform cross-border payments. She examines the growing reach of SWIFT gpi, the enhancements that have been implemented – including improved speed and transparency – the new developments that are set to come into force and, importantly, what this means for banks.

To read the full article, please click here

GTR names BNY Mellon “Best Correspondent Bank” for the second time in a row

BNY Mellon has been officially crowned “Best Correspondent Bank” in this year’s Global Trade Review (GTR) “Leaders in Trade” awards. The award marks the second consecutive year that the bank has won the award since the category was introduced in 2017.

Receiving the award on behalf of BNY Mellon at the GTR Awards ceremony last week, Dominic Broom, Global Head of Trade Business Development, commented: “This consecutive win of the Best Correspondent Bank award underscores what we do best: providing operating expertise and exceptional client service on a global scale. We continue to invest in new solutions and enabling technologies to remain the leader in meeting client needs, in an ever-changing landscape.”

To read the full awards results list, please click here.

BNY Mellon’s Monika Aminiova discusses SWIFT gpi adoption in Finance Digest

Writing for Finance Digest, BNY Mellon’s Monika Aminiova, EMEA Cash Management Business Development Manager, Treasury Services, takes an in-depth look at how the payments sector could be transformed by SWIFT gpi, and how banks can help the initiative take root.

Although still being rolled out, SWIFT gpi’s impact on both the speed and transparency of cross-border transactions is already visible, and with more developments in the pipeline – such as the ability to stop and recall payments, and attach invoices to transactions – there is a real opportunity for banks to enhance their offering and provide a traceable, efficient and modern global payments experience for their clients.

“Undoubtedly, SWIFT gpi is an initiative that has the potential to revolutionise global payments”, says Aminiova, “But it is only through co-creation, cooperation and active engagement that banks can expect to access and harness the full potential of SWIFT gpi – and most importantly, render the cross-border transaction process more transparent, efficient and intuitive for clients.”

To read the full article, please click here.

BNY Mellon examines the rise of real-time payments in The Paypers

Writing for The Paypers’ 2018 edition of its “B2B Fintech: Payments, Supply Chain Finance and E-Invoicing Market Guide”, BNY Mellon’s Karen Braithwaite, Head of Global Product Management, Treasury Services and Carl Slabicki, Director, Immediate Payments, Treasury Services, discuss the momentum behind the adoption of real-time payments (RTP) across the world.

Sparked by client demand for a payment service that meets modern expectations for speed, together with technological advancements and the influx of fintechs entering the marketplace, countries across the globe are transforming their domestic transaction capabilities by implementing new real-time payment rails. What’s more, with the potential for such systems to be connected to other initiatives, such as SWIFT gpi, blockchain technology, ISO 20022 standardisation and mobile transactions, there is scope for added reach, efficiencies and value that could further revolutionise the payments sector.

To read The Paypers’ “B2B Fintech: Payments, Supply Chain Finance and E-Commerce Market Guide”, please click here. The article is featured on pp. 34-35.

The power of SWIFT gpi: BNY Mellon’s Monika Aminiova examines the potential for the initiative to revolutionise the payments industry in bobsguide

Writing for bobsguide, BNY Mellon’s Monika Aminiova, Cash Management Business Development Manager, Treasury Services EMEA, gives a rich overview of the developments within SWIFT’s rapidly expanding global payments innovation (gpi) initiative and a perspective on its future.

The initiative has already helped to transform the speed, transparency and traceability of the traditional end-to-end cross-border payments process, and it has further developments in the pipeline to hone existing features and introduce new capabilities, such as stopping or recalling payments. Certainly, the initiative has much to offer banks and their clients but there must be a conscious drive towards adoption from within the global banking sector.

“Although seemingly within reach,” says Aminiova, “SWIFT gpi depends completely on the capability of each institution in a correspondent banking chain. To harness and deliver the benefits to clients, banks need more than positive uptake – we need critical mass for transactions to be consistently tracked and credited along SWIFT gpi-enabled payment corridors.”

To read the full article, please click here.

BNY Mellon’s Sindhu Vadakath discusses the arrival of open banking in International Banker

In a commentary article for International Banker, Sindhu Vadakath, Senior Product Manager, Global Payment Services and Asia Payments, Treasury Services, BNY Mellon, takes a look at the introduction of the Second Payment Services Directive (PSD2) and the impact it will have on the core of traditional banking.

PSD2 requires banks to share their closely guarded customer data, opening the gates for the first time to third-party payment providers (TPPs), thus disrupting banks’ long-held monopoly on the payments sector. With an aim to improve transparency, customer rights and service, as well as the costs linked to the end-to-end payments process, the legislation allows TPPs to harness customer data to create cutting-edge products that can viably compete with bank offerings.

But this data-sharing, of course, is not without its risks – especially as TPPs cannot claim the same historical reputation for security and familiarity as their bank counterparts. As such, collaboration between these industry players is key to ensure a smooth roll-out of an efficient and secure payments service for customers in the new era of open banking.

Please note, access to this article requires a subscription. To subscribe to International Banker, please click here.

BNY Mellon discusses the revolution in payments seen across the last 20 years in GTNews

As part of a series of articles celebrating the 20th anniversary of GTNews, Daniel Verbruggen, Michael Bellacosa, Fred DiCocco and Matt Wells from BNY Mellon Treasury Services, come together to discuss the pivotal developments in the payments industry across the last two decades.

Increased regulation resulting from events such as 9/11 and the 2008 global financial crisis have seen a shift in banks’ focus to meeting not only business objectives, but also governmental objectives. Regulations, together with increased client demands and technological advancements, have spurred banks to enhance their offerings to provide greater transparency and convenience – in keeping with the digital expectations of a modernising world.

More recently, the adoption of real-time payment systems, along with electronic banking applications and cryptocurrencies have particularly shaken the foundations of the traditional banking space, and have thrown the gates wide open to non-bank market entrants. With open banking legislation coming into effect at the beginning of 2018, the payments landscape is only set to become increasingly fast-paced and competitive, as banks strive to remain relevant and continue to meet the evolving needs of their clients.

To read the full article, please click here.

BNY Mellon’s Dominic Broom discusses how technology can be used to plug the Asian trade finance gap in Asia Outlook

Increased banking regulations and higher compliance costs have led to a culture of de-risking, where many banks have been forced to withdraw from perceived “riskier” markets – with local businesses in developing Asia being particularly affected. Indeed, Asia and the Pacific bears 40% of the US$1.5 trillion global trade finance gap, representing the difficulty that SMEs in the region have in accessing the financing they need.

In a recent article for Asia Outlook, Dominic Broom, Global Head of Trade Business Development, Treasury Services, BNY Mellon, discusses how technology could help banks to address the issue of de-risking. To most effectively develop technological solutions to close the trade finance gap, Dominic says, requires innovation and collaboration between all the players in the trade finance ambit.

To read the full article, please click here and go to page 16.