NEW YORK, Oct. 6, 2020 /PRNewswire/ -- BNY Mellon's
digital strategy continues to reshape the Treasury Services
industry through the development of its growing suite of solutions
and services, to support its clients' evolving needs. Innovation is
taking place across all areas of its Treasury business—in payments,
liquidity and trade finance solutions—with an emphasis on making
digital solutions easier to access than ever before. The investment
BNY Mellon has made in digital Treasury solutions has proven to be
both necessary as well as timely, with COVID-19 highlighting how
digital solutions can mitigate the disruption of traditional
paper-based processes.
"A core part of our strategy is to focus on clients and
market-driven innovation, offering new, enhanced solutions and
helping to drive the direction of digital transformation within the
industry," said Saket Sharma, Chief
Digital and Information Officer BNY Mellon Treasury Services. "We
continue to invest in both traditional and digital services to
provide holistic solutions that fit into our clients' business
models and enable clients to progress their digital journeys.
Through our highly resilient, open framework API's and
microservices architecture, our goal is to help accelerate clients'
journeys towards adopting digital payment services. This comes at a
time when the deployment of digital solutions has never been more
crucial."
"Our unwavering commitment to delivering digital capabilities –
through our innovative platforms as well as leveraging the benefits
of our open ecosystem– has allowed us to lead the way in expediting
our clients' digital transformation journey," said Paul Camp, CEO of BNY Mellon Treasury Services.
"As we traverse the complex, fast-moving digital landscape, BNY
Mellon Treasury Services is committed to delivering the best
solutions for our clients and driving the industry forward, while
remaining a stable and sustainable provider, partner and
counterparty."
BNY Mellon has cemented its position as a market leading
provider of immediate payment services through multiple
collaborations with SWIFT global payment initiative (gpi) – as the
first U.S. bank to offer gpi's Case Resolution Service, and
introducing SWIFT gpi's Payment Tracking and Payment Notification
services. BNY Mellon continues to chart the course with new SWIFT
gpi pilots and services for clients. BNY Mellon actively supports
our clients in their paper to electronic payment journey leveraging
tokenized payments® through the Zelle®
network, which is helping clients to confidently migrate away from
printing, issuing and mailing checks for B2C and B2B disbursements,
in addition to being the first ever bank to offer a RTP Bill Pay
solution in the US, which allows participating businesses to
instantly present invoices.
BNY Mellon has also placed a heavy emphasis on improving
security within payments, launching its Account Validation Services
(AVS) solution. This collaboration with risk and payments solution
provider Early Warning enables real-time pre-validation of the
status and ownership of an account prior to a payment being sent.
BNY Mellon's investments into third-party networks, such as
Paymode-X® and Zelle®, are ensuring that
payments are properly validated and authenticated at every stage of
the payment chain, which can help to reduce the risk of fraud.
BNY Mellon continues to enhance its already comprehensive set of
liquidity solutions. This year has seen the initial stages of
enhanced liquidity features that allow greater access of its
services across all lines of business— enabling pooling,
optimization, and concentration across all branches and accounts.
Going forward, BNY Mellon will continue down this road of
enhancement and digitization, enabling clients to optimize the
value of their liquidity including providing client insight data
enhancements.
Amid headwinds for global trade, BNY Mellon is leveraging a host
of innovative solutions and networks to improve efficiencies
and streamline trade transactions. It is applying optical
character recognition (OCR) technology to digitally convert print
to machine-encoded text, and Natural Language Processing (NLP)
technologies to automate manual processes for trade collection
services and trade document discrepancy reviews. It is also
deploying a custom-built compliance API, which will allow
compliance reviews to be completed leveraging machine learning. In
addition, e-signature technology is being implemented to replace
paper documents and "wet ink" signatures, and the firm is also
exploring offering FileAct adapter for corresponding trade
documents to transfer files and information electronically instead
of exchanging traditional paper documents. BNY Mellon will soon
offer the next generation of its open-source private-label
platform, Angular 6, featuring greater efficiency, flexibility and
security, and has recently joined the Marco Polo network with the
aim of increasing the efficiency of international trade.
BNY Mellon is also applying the latest technology innovations as
it continues to enhance its offerings, modernizing systems and
infrastructure to further support client needs for multi-channel,
real-time, automated solutions. This includes utilizing AI and APIs
to embed payment, liquidity and trade services within its clients'
business applications.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment and wealth management and investment
services in 35 countries. As of June
30, 2020, BNY Mellon had $37.3
trillion in assets under custody and/or administration, and
$2.0 trillion in assets under
management. BNY Mellon can act as a single point of contact for
clients looking to create, trade, hold, manage, service, distribute
or restructure investments. BNY Mellon is the corporate brand of
The Bank of New York Mellon Corporation (NYSE: BK). Additional
information is available on www.bnymellon.com. Follow us on Twitter
@BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for
the latest company news.
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SOURCE BNY Mellon