Over the past 10 years, the US liquidity landscape has faced near zero interest rates. In this unique time of disruption, businesses face further challenges when it comes to navigating the volatile landscape – including the possibility of moving towards a negative rate.
In view of these challenges, Tom Meiman, Product Line Manager for Liquidity Balances and Demand Deposit Account Services, BNY Mellon Treasury Services, and Sam Schwartzman, Head of the IMG Cash Solutions Group, BNY Mellon Markets outlines the importance of optimising excess operating cash.
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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.
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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.”
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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.
SWIFT’s global payments innovation (SWIFT gpi) is tipped to become the universal cross-border payment standard. Before this happens, however, more banks must enter the initiative’s go-live phase. In an article for GTNews, Paula Roels, Head of Market Infrastructure & Industry Initiatives, Cash Management, Deutsche Bank, makes the case for becoming SWIFT gpi-ready.
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BNY Mellon’s Treasury Services business has realigned its leadership team in Europe, the Middle East and Africa to focus on its different market segments across the region.
Daniel Verbruggen and Bana Akkad Azhari have both been promoted to the business leadership team. Verbruggen will continue to be responsible for relationship management in Europe, and Akkad Azhari for the Middle East, Africa and the Commonwealth of Independent States.
Commenting on the new roles, global head of relationship management and business development for treasury services at BNY Mellon, Alan Verschoyle-King said, “The realignment will ensure that we can bring specialisation to two distinct market segments, with Verbruggen focusing mainly on liquidity and cash management solutions for clients and Azhari on more traditional cash management and trade solutions.”
Following Moorgate’s outreach, the news was covered by: GTR, TMI, TFR, FX-MM, Treasury Today, TXF, bobsguide, Global Banking & Finance Review