Our Treasury Services team puts the new world of global payments into perspective. Evolving client expectations and needs are driving innovation and change in the payments space.
Increasingly, clients are seeking a global real-time payment experience. However, significant disruption is taking place – and accelerating – in the global payments industry. In the face of these dramatic changes, our people are stepping up and leading the way to help clients navigate the challenges and implement the best solutions for their businesses and needs.
Anthony Brady, Managing Director and Head of Global Product Management, BNY Mellon Treasury Services, recalled how easy it was during a recent business trip to the Middle East to modify his cell phone service to include calls to anywhere on the planet from the region. He contrasted that with the banking industry's struggle to make significant, global enhancements to cross-border payment services. “We're seeing a great deal of innovation in the payments space, tokenized and real-time payments, to cite just two examples. But we need to recognize what's driving these changes: client expectations for payments experiences more in line with what we’ve all come to expect from ecommerce transactions and real-time, instant access to information via our mobile phones.” Brady added that if the financial services industry doesn’t meet the challenge of aligning our service with client expectations, it risks allowing non-bank providers to become an even larger presence in the banking space.
“We need to make payment services easier, faster, more cost-effective, more secure and reliable, and more transparent in terms of pricing, settlement and the management of payment-related information. We’re at the intersection of financial expertise and technology leadership, actively shaping the future of finance.”Anthony Brady, Head of Global Product Management, BNY Mellon Treasury Services