NEW YORK, Feb. 4, 2021 /PRNewswire/ -- As BNY Mellon
continues to be at the leading edge of helping clients and partners
navigate innovations in payments and the future of digital
currencies, the Bank today announced the release of two research
papers focused on the range of payment channels and capabilities
that are being made available, and what their impact will mean for
clients in the future. The reports highlight that innovations in
payments and digital currencies will ultimately allow banks to make
domestic and cross-border transactions faster, more frictionless,
efficient, transparent and cost-effective; and also
discuss how firms need to achieve interoperability among both
old and new solutions to ensure streamlined transactions.
Multiple Paths, One Destination, examines how
industry initiatives and new technologies will ultimately enable
money to be moved instantaneously, 24/7/365 and with full
transparency. A Spotlight on Digital
Currencies focuses on how digital
currencies could change the payment model. It explores how the
coexistence of digital tokens and fiat money could meet a broader
array of client needs; and change how the industry looks at
settlement speed, liquidity, reconciliation, risk, and potentially
impact the role of correspondent banking and
intermediaries.
The first paper notes that continued innovations will
collectively facilitate a new era of payments, with different
rails, channels and solutions delivering enhanced capabilities and
supporting a variety of client needs. It also notes that the
expanding fintech market is acting as a catalyst for innovation by
bringing industry players together through various collaborative
approaches. Banks are also playing an important role—launching
innovation centers to facilitate collaboration with fintechs and
clients to optimize the collective offerings.
"Each new technology is acting as an important piece of the
future state of payments," explains Mike
Bellacosa, Global Head of Payments and Transaction Services,
at BNY Mellon. "So many exciting developments are occurring in the
industry, but no single solution is currently delivering optimized
payments."
"A key element of BNY Mellon's digital strategy is to offer
frictionless access to these innovative solutions through our
open-architecture API enabled platforms", says Saket Sharma Chief Information and Digital
Officer for BNY Mellon's Treasury Services. "Each innovation –
whether its SWIFT gpi, real-time payments, blockchain, or
artificial intelligence – brings its own value and has a role to
play in an enhanced client experience."
To learn more from one of our experts, or to download copies of
the reports, visit: www.bnymellon.com.
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
Dec. 31, 2020, BNY Mellon had
$41.1 trillion in assets under
custody and/or administration, and $2.2
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.
Contact:
Paul Patella
BNY Mellon
paul.patella@bnymellon.com
+1 212 635 1378
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SOURCE BNY Mellon