Leda Glyptis, head of EMEA Innovation Centre, BNY Mellon, was a panelist on the “New Kids on the Block(chain) Platform” session at Sibos on Monday, October 12. Commenting on blockchain, Glyptis says: “The relationships between banks and fintechs are growing as they realize that the blockchain could prove a game-changer for corporate payments. If the characteristics of the blockchain can be leveraged, it has the potential to transform the payments business and beyond, providing significantly enhanced speed and efficiency, and aiding regulatory oversight and security. The entire way in which payments are processed could be re-written, with protocols being developed that could, for example, challenge SWIFT’s clearing-house role.
“Recognition of the blockchain’s capabilities and big-picture potential has catalyzed engagement between new entrants and banks,” adds Glyptis, “with a number of banks announcing their involvement in the exploration of distributed ledgers more broadly to the finance world. BNY Mellon, for example, is exploring this technology both internally, with engineering experiments that help identify ways of improving transaction efficiency, and externally through ‘thinking partnerships’ with our clients. In fact, we are exploring a variety of ideas and prototypes through client co-creation leveraging our digital capabilities and emergent technologies in close collaboration with our clients. We have established innovation centers in locations across the world, which aim to stimulate creative thinking and generate viable, scalable business concepts through collaboration. In fact, our newest innovation center that opened in London in October is dedicated entirely to client co-creation.”