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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Financial technology has become a huge mobiliser of change in the transaction space. A key catalyst for the recent innovation surge has been the rise of fintech providers, whose exceptional digital know-how, affinity with the needs of millennials, and distinct lack of regulatory boundaries, made them well-positioned to create experience-changing concepts.
However, writing in Global Banking and Finance Review, Chris Mager, Head of Treasury Services and Market Segments, explains the onus is now on banks to ensure new capabilities are leveraged to the full.
Banks possess skills which fintechs, for all their technological nous, cannot match. With an “unrivalled grasp of regulatory systems, capital, market trust, and a far-reaching client base”, banks are central to the the transformation of global payments.
Already, a multitude of bank-fintech collaborative initiatives are underway, such as the SWIFT global payments initiative and the R3 blockchain initiative. Banks are now positioning themselves at the forefront of new, key developments; taking action to drive forward valuable advances that could ultimately mark the genesis of a real-time global payments infrastructure.
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