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.
Outdated payment systems, regulation, evolving consumer needs and promising fintech initiatives are all driving the demand for enhanced transaction capabilities.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.
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.
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.
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)
Andrew Reid explains in The Paypers that collaboration is needed for banks to achieve the same level of transformation and convenience in the B2B space that they have already delivered in the retail banking space.
In an interview previously published in the B2B Fintech: Payments, Supply Chain Finance & E-invoicing Guide 2016, Reid says that banks and corporates need to invest in real-time payments. These will benefit corporates who wish to execute time-sensitive transactions – such as High-Value, critical vendor or M&A-related payments – while receiving close-to-immediate proof of execution.
“For large banks, involvement in establishing such future payment/collection platforms is a “revenue loss avoidance” tactic rather than a “profit creation” one, as they will otherwise lose market share to disruptors,” says Reid. This is why Deutsche Bank and others are helping to develop a Pan-European Instant Payment Solution.
Reid goes on to talk about the benefits ̶ but also the challenges ̶ of implementing pay-on-behalf-of/collect-on-behalf-of (POBO/COBO) structures. These can help corporates consolidate cash flows and rationalise account structures, as well as increase their purchasing power when negotiating cash management terms with banks.
You can read the full interview here.
The Clearing House’s real-time payments initiative is due to be launched in 2017 – the first new payments system in the US in over 40 years. With fintech innovation fuelling expectations for real-time payments around the globe, this new initiative represents a huge step forward in addressing and facilitating client payment needs and behaviour in the US. In FX-MM, Carl Slabicki, Vice President, Senior Product Manager, USD Clearing Product Management, BNY Mellon Treasury Services, discusses the impact on local US payments and how, while the US real-time payments initiative is initially very much a domestic system, it is also part of a longer-term, global vision to connect different domestic real-time payments systems and help cross-border real-time transactions to become a reality.
To read the full article, please click here (please note, free subscription to FX-MM is required to view)
A massive overhaul of the US payments space is underway, with The Clearing House (TCH) announcing its intention to implement a new US real-time payments system. Writing in The Paypers, Carl Slabicki, Senior Product Manager at BNY Mellon discusses the US’s plans for payments to go real-time in 2017, and how the introduction of real-time payments will facilitate many consumer and business needs, including instant payments, reduced costs and round-the-clock processing capabilities.
Slabicki also explains how, with the demand for instant payment a global priority, countries must establish a strong degree of standardisation to enable the vision of real-time cross-border payments to become a reality. The technology is available and now international collaboration must be the focus in order to realise the global payment possibilities.
To read the full article, please click here
With customers increasingly expecting enhanced speed, efficiency and convenience when it comes to transactions, a growing number of countries around the globe are unveiling plans to implement domestic real-time payments systems. Michael Bellacosa, Head of Global Payments, Treasury Services, BNY Mellon, features in a special collaborative magazine by bobsguide and PaymentEye, discussing how banks are putting considerable weight behind the development of new, more rapid payment networks.
Please click here to download the magazine, where the article can be found on page 31