Innovation in Payments

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Innovation in Payments

February 3, 2021

When it comes to the future of payments, the destination is clear: a world where all have the expectation and ability to move money instantaneously, 24/7/365 and with full transparency. As the industry moves forward on this journey, an array of new industry initiatives and emerging technologies are transforming payments.

While the destination seems fixed, there is no single, fixed path that will take us there. In fact, there are multiple paths. Real-time payments, SWIFT gpi, SWIFT’s transaction manager, artificial intelligence, blockchain and digital currencies—to name just a few—are each providing banks with opportunities to make domestic and cross-border transactions faster, more frictionless, efficient, transparent and cost-effective.

 

As banks look to navigate the evolving landscape, they should invest in a suite of payment solutions, from legacy rails to the latest technologies, to ensure they are able to cater to the individual and varied needs of their clients, both now and in the future.

 

Discover more in our series


Innovation in Payments: Multiple Paths, One Destination

 

Part 1 looks at the industry initiatives and new technologies that will drive change to global payments in the coming years.

 


Innovation in Payments: Spotlight on Digital Currencies

 

Part 2 offers a deep dive on cryptocurrencies, central bank digital currencies and stablecoins – including how they might offer benefits in cross-currency FX swaps, securities settlement and, if the model proves successful, even cross-border payments.

 


BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally.  This material does not constitute a recommendation by BNY Mellon of any kind.  The information herein is not intended to provide tax, legal, investment, accounting, financial or other professional advice on any matter, and should not be used or relied upon as such.  The views expressed within this material are those of the contributors and not necessarily those of BNY Mellon.  BNY Mellon has not independently verified the information contained in this material and makes no representation as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material.  BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.

 

BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material. This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.

 

© 2021 The Bank of New York Mellon Corporation.  All rights reserved.

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