Michael Bellacosa, managing director and head of global payments for BNY Mellon's Treasury Services business, was a major participant in Celent's annual Innovation & Insight Day event on March 23 at Carnegie Music Hall in New York.
Bellacosa accepted Celent's Model Bank Award for Legacy and Ecosytems Transformation on behalf of the team responsible for BNY Mellon's new global payments infrastructure, and as a panelist for the event's "Change Is In the Air" session, described the thinking behind the new infrastructure and the benefits clients are already realizing.
During his remarks, Bellacosa reviewed the vision guiding the infrastructure's continuing development and implementation – a single platform ultimately capable of processing payments regardless of currency, value, initiation method, settlement mechanism, or client geographic location – and also recapped the initial phases of platform implementation: direct Euro clearing last February, and CHAPS membership and direct Sterling clearing last May.
A report prepared by Celent in connection with the event details how the Open Payment Framework of the new infrastructure accommodates a broad range of highly efficient payments solutions – domestic payments, international payments and remittances – while also allowing for customization and implementation of new services and clearing channels. Notable among the new service offerings are intraday liquidity and collateral monitoring via BNY Mellon Digital Pulse capability, and enhanced reporting that can include intraday statements and real time updates on payments' status.
"Being recognized at Carnegie Hall – a venue that's always been associated with performance excellence – by a firm with Celent's reputation for outstanding research and consulting services was a great experience for BNY Mellon," Bellocosa said. "The event was a great opportunity to share our experience with our new infrastructure with colleagues in the global payments industry."