BNY Mellon Examines the Key Technologies and Initiatives Shaping the Future of Payments

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
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SOURCE BNY Mellon