Laura McGortey, managing director, product line manager, Multicurrency Services, BNY Mellon, was a panelist on the “Pathways to a Future State Global Payments Infrastructure: From Business Case to Execution” session at Sibos on Tuesday, October 13. Commenting on the topic, McGortey says: “The global payments landscape is changing at an unprecedented rate. With heightened regulatory demands to traverse, fintech innovation fueling client demand for speed, convenience and multi-channel access, and rapid emerging market growth driving cross-border payment volumes, banks need to ensure they are equipped with the right tools to maintain their stronghold at the forefront of the payments space. To position BNY Mellon and its clients for the unfolding world of payments and the changes to come, we have invested in a new global payments infrastructure to provide greater flexibility to adapt easily to future demands. Designed to deliver significantly enhanced levels of processing efficiency, reliability, transparency and cash management oversight, the platform is anticipated to ultimately be capable of processing payments in over 120 freely-tradable currencies.
“One of BNY Mellon’s key aims is to replicate its strength as a processor of dollar-denominated payments in other currencies,” adds McGortey. “With this core goal in mind – plus the fact that a new payments hub should enable us to roll out new solutions with greater efficiency than was possible with our legacy systems – BNY Mellon’s Treasury Services team put forward a powerful business case, enabling us to proceed with one of our largest-ever investments in global payments. The platform launched in Frankfurt and London at the beginning of 2014, and we are committed to developing this new infrastructure to leverage its sophisticated technology capabilities; providing clients with value-added services and an enhanced payments experience. Indeed, we have since extended the infrastructure’s capabilities by adding FX payments, and the next stage is to incorporate the processing of deposits and receipts of funds. Ultimately, we hope to continually expand the currencies and payment instruments we process on the infrastructure.”