How did the COVID-19 pandemic accelerate digital payments services in Latin America? BNY Mellon’s Dino Sani explores in an interview with Latin Finance

Although the ongoing pandemic brought significant disruption, it is also having the positive effect of bringing the digitalization agenda to the fore. And as flows of funds between Latin America and the rest of the world are returning to normal levels, the pandemic has precipitated a permanent change by speeding up the adoption of digital payment services, says Dino Sani, Head of Treasury Services for Latin America at BNY Mellon.

“BNY Mellon was already in this journey toward digitalization but COVID-19 accelerated the process,” Sani said. “And there’s a dramatic impact on our business.”

Latin American banks have been quick to embrace Swift’s Global Payment Initiative (GPI), a collaborative project in which participating banks build on an open platform (API) to add speed and transparency to international payments, according to Sani. And although Latin America’s economies to face a difficult year in 2021 as they open slowly, Sani expects an economic recovery to get underway. “We are seeing some light at the end of the tunnel,” he said.

To read the full article, click here.

In The Asian Banker, BNY Mellon’s Joon Kim and Arnon Goldstein explore how the bank is digitising to support clients and increase internal efficiency

While global trade volumes have been down significantly in 2020, Joon Kim, the Global Head of Trade Finance Product and Portfolio Management at BNY Mellon, sees “a cautious sense of optimism and recovery” by the latter part of the fourth quarter of this year and the beginning of next, at the macro-level.

Arnon Goldstein, Head of Treasury Services for Asia Pacific at BNY Mellon, observed overall decline in payment volumes, underlining weakness in clients’ demand, but an increase in liquidity, especially in local currency and dollar liquidity as lending demand has been depressed.  However, any rebound in volume will be uneven as some economies continue to grapple with the COVID-19 pandemic.

The disruption to traditional supply chains and logistics has precipitated the need to strengthen business continuity planning to increase institutions operational resiliency and ability to operate remotely. Processes have to be streamlined and enhanced to incorporate alternative digital solutions, such as e-signature and biometric-enabled authentication and authorisation, to replace traditional manual ones. The bank is pivoting to digital alternatives, such as web-based meeting, and digitising more of its internal as well as clients’ processes in order to facilitate client transactions and increase efficiency.

To watch the interview, please click here.

Commerzbank publishes second FI.News of the year

Commerzbank has launched the latest edition of FI.News, the bank’s newsletter for financial institutions. This issue of the biannual newsletter evaluates how the banking sector is building resilience in the face of changing circumstances following the outbreak of the COVID-19 pandemic.

Through interviews and deep-dive articles, Commerzbank’s experts share their latest region- and product-related insights into how the current environment may lead to future innovation and opportunity. The edition contains articles on FIs are accelerating their digital programmes, the importance of ISO 20022 migration, as well as updates on how the COVID-19 crisis has shaped the banking sectors in Latin America and Eastern Europe.

Moorgate-Finn has produced FI.News since 2013. The latest edition can be found here.

Commerzbank releases latest edition of FI.News

Commerzbank has published the latest edition of FI.News, the bank’s newsletter for financial institutions. Featuring various in-depth articles and interviews, the biannual newsletter collects Commerzbank’s latest insights on the challenges and opportunities that lie ahead for financial services in today’s transformational times.

Financial institutions are understandably operating in challenging circumstances. Yet this edition of FI.News keeps its gaze firmly ahead –  exploring the ways that the current situation could be a catalyst for change in a number of areas, including digitalisation, trade finance, African trade and sustainable finance. The newsletter also provides latest news stories and internal updates from the Commerzbank Institutionals division.

Moorgate has produced FI.News since 2013. The latest edition may be found here.

BNY Mellon’s Carl Slabicki discusses the changing climate of US payments in an article for Finance Monthly

For a long time, banks in the US have competed primarily on price and service rather than as providers of payments solutions. But now, with the emergence of real-time payments, updated legacy rails and a new layer of overlay services, the US payments landscape is beginning to transition to an entirely new payments culture.

Amid this change, as the importance of expediting the journey from paper to digital transactions becomes increasingly clear, Carl Slabicki, Head of Strategic Payment Solutions, BNY Mellon Treasury Services, explores the need for faster payments and more streamlined and feature enhanced capabilities around validation, security and risk mitigation.

To read the full article, please click here.

How are banks laying a path for the digitalisation of trade finance? BNY Mellon’s Joon Kim explores in an article for Global Trade Review

The Covid-19 pandemic is presenting global trade with exceptional challenges. With disruption to many supply chains due to large-scale logistics obstacles, and many sectors seeing significant decreases in demand, exporters must traverse an uncertain, unfamiliar landscape.

Prior to the pandemic, significant efforts were already being made by many banks to enhance trade finance through technological innovation. But events of the past few months have spurred a flurry of activity from blockchain to optical character recognition (OCR). Participants have been required to move away from ingrained, paper-based procedures and adopt digital solutions in order to ensure their businesses can continue to operate effectively.

In an article for GTR, Joon Kim, Global Head of Trade Finance Product and Portfolio Management, BNY Mellon Treasury Services, explains how banks are addressing these short-term challenges, and looking to a digital future.

To read the full article, please click here.

How is the US payments landscape changing? BNY Mellon’s Carl Slabicki explores in a video interview with FinTech Finance

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.

To watch the full interview, please click here.

ICC Banking Commission’s Olivier Paul explains the growing interest in supply chain finance in Documentary Credit World

In an article for Documentary Credit World, Olivier Paul, ICC Banking Commission Head of Policy, explains that banks are increasingly embracing supply chain finance solutions and digitalisation of the trade finance sector.

Expanding on findings from the ICC’s 10th Global Survey on Trade Finance, Paul says that the overall outlook for trade finance generally, and supply chain finance specifically, is one of growth and optimism, despite regulatory and compliance concerns.

The full article can be read in the June edition of Documentary Credit World, pages 22-24.

ICC Banking Commission’s Olivier Paul discusses supply chain finance and digitalisation in Treasury Management International

In an article for Treasury Management International, ICC Banking Commission’s Head of Policy Olivier Paul expands on results from the ICC’s 10th Global Survey on Trade Finance.

Findings from the survey, which gathered responses from over 250 banks in 91 countries, revealed that while traditional trade finance provision is on the up, there is now a corresponding growth in SCF. What’s more, most banks are taking steps towards embracing digitalisation, with over 60% of respondents indicating they have implemented or are in the process of implementing technology solutions as part of their trade finance processes.

The full article can be read here.