Improved management of SWIFT messages and new intelligent matching system will enhance processing and reporting efficiency and improve client experience
The transformation of BNY Mellon's payment infrastructure that began two years ago with upgrades to the company's global payment capabilities will continue this fall with the launch of several important new processing and reporting enhancements.
Reflecting BNY Mellon's focus on providing clients with a continuously improving payment experience, these new enhancements will include a new credit advising service; the ability to onboard receipts as well as payment processing to the enterprise payment hub (EPH) platform; and the implementation of a state-of-the-art intelligent matching system to improve the management of SWIFT messages related to Euro- and UK Pound Sterling-denominated payments processed at BNY Mellon's London and Frankfurt locations.
Enhanced credit advice service will enable SWIFT-participating client banks to receive notice for incoming credits to their accounts, along with additional credit information about their clients that are the ultimate payment beneficiaries. The end result is more efficient reconciliation processes and more timely and efficient application of funds. Better message management will make payment processing and reporting more efficient, and will enable BNY Mellon to provide an improved client experience.
"Enhancements to our global payments capabilities were important first steps when we launched our new global payments infrastructure," said Michael Bellacosa, managing director and head of global payments for BNY Mellon's Treasury Services business. "Making processing and reporting more efficient, the improvements we're launching this fall continue our positive momentum in the payments space."
"The payment improvements we're making reflect our focus on providing a superior client experience in response to rising client expectations. Clients want payment services that are faster, more cost-effective and more transparent than ever before. Banking as an industry is responding — new technologies are creating levels of payment innovation unmatched since the early days of e-commerce more than 40 years ago. Our strategic decision several years to develop an entirely new EPH-based infrastructure based on open architecture and third party API compatibility has positioned us to play a leadership role in the new era for payments that's about to begin," Bellacosa said.