Michael Bellacosa, Head of Global Payments for BNY Mellon Treasury Services, discusses the changes in the payments business, how BNY Mellon is moving to meet the challenges they bring, and what the payments landscape will look like in the years to come.
Payments, long regarded as a mature and commoditized business, have recently become subject to change from numerous directions. Increased regulation and client demand have combined to create a competitive space in which banks have had to invest in new technologies in order to provide increasingly sophisticated solutions in pursuit of ever-tighter profit margins. There is now, as well, competition from non-bank providers offering solutions based on new and emerging technologies, such as cryptocurrencies, and alternative payments systems that operate free of banks.
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Managing Director and Head of Global Payments, BNY Mellon Treasury Services
Michael Bellacosa is a Managing Director at BNY Mellon and Head of the Bank's Global Payments Product Management group. In his current role, Mike is responsible for managing strategy, financial performance, product development, and industry issues for U.S. dollar, EUR, and GBP direct clearing services, multi-currency wire transfer, correspondent banking, U.S. and international ACH, and Network Management.View Profile