Mike Bellacosa, managing director and head of global payments for BNY Mellon's Treasury Services business, participated in the Standards Forum session at Sibos on Wednesday, October 14. Bellacosa described the company's support for the standardization of compliance practices as being driven by the same benefits being derived from standardization across all aspects of global payments.
Commenting on the topic, Bellacosa says: "Clients have been loud and clear in their demand for faster, more efficient payment services, and the banking industry is responding. Standardization across virtually all aspects of payment processing is essential to achieving the levels of straight through processing that clients expect. As an industry, we're working hard to both achieve those levels of standardization and deploy systems and platforms like our new global payments infrastructure that can take full advantage of standardization.
"We're convinced that the benefits of standardization can also be engineered into our compliance programs. We think SWIFT can play an important role in this effort, and a strong supporter of SWIFT's efforts in this regard, we encourage regulators to standardize the types of information they need to receive from banks and the channels used to provide that data. Providing compliance information more quickly and efficiently can be a win for everyone involved – regulators, payment services providers, and our clients," adds Bellacosa.