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.
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The Latin American banking industry has experienced huge growth over the past two decades. In an interview with The Banker’s Silvia Pavoni, BNY Mellon’s Head of Treasury Services for Latin America, Dino Sani discusses how well-equipped financial systems, expert knowledge on managing volatility and a strong regulatory framework has led to the growth of regional giants.
When speaking on how technology will shape competition in the future, Dino Sani said, “In the short-run, the biggest challenges are not the current economic situation or the Covid-19 and how it affects our countries. For financial institutions, new technology is the main challenge – they need to reinvent themselves to be in the market, otherwise the markets will reorganise and the technology might make it more difficult for the more traditional banks to compete”.
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As we come to grips with the Covid-19 pandemic, supply chains across the globe are under immense pressure. An unprecedented demand for supplies from supermarkets is offset by a demand slump from restaurants, cafes, hotels and bars that have been forced to shut their doors. This disruption will create new challenges for transaction bankers and may lead to long-term changes in global trade patterns.
“Filling in gaps in the supply chain, however, will come with new risks. Banks will need to weigh up the overall cost of this risk exposure in serving their clients, especially small and medium-sized enterprises”, says Joon Kim, Global Head of Trade Finance Product and Portfolio Management at BNY Mellon.
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