Alan Verschoyle-King, head of Global Head of Sales and Client Management for BNY Mellon Treasury Services, discusses innovation and commitment to the payments business. Specifically, he describes our investment in a new payments architecture at a time when the demands of regulatory change are causing some providers to question whether to exit the payments business altogether. Where many banks saw problems and obstacles, we saw opportunity.
The new platform is a multi-year, multi-release bankwide initiative, already in place in London and Frankfurt where we now provide our clients with direct clearing of Euro out of Frankfurt and of Sterling in London. When fully rolled out, we will be able to process, on a single platform, any payment anywhere, irrespective of its value, currency or clearing mechanism. In short, what has made our USD wire business so successful — the backing of a sound and strong bank, outstanding client service, industry leadership, and potent value-added services — will now benefit our clients in multiple new currencies.