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The payments revolution
Journal of Payments Strategy & Systems,
13
(3),
237-241
(2019)
Abstract
The payments landscape is evolving at a phenomenal rate. New technology developments are emerging faster than ever, driven by the growing culture for digital solutions, new regulatory requirements, and the increasing number of new entrants in the market that are challenging more traditional practices with cutting-edge concepts that appeal to the tech-savvy society of today. This convergence of factors is acting as a catalyst for banks to take action and modernise payments. This paper discusses how banks must deliver real added value in order to maintain their standing in the payments space. Banks must consider how they can use SWIFT gpi to create solutions to support their clients. The paper also discusses how non-competing local-global correspondent banking alliances can help with navigating new developments.
Keywords: innovation; cross-border payments; client-centric; SWIFT gpi; data; real-time payments; value-added solutions; correspondent banking
The full article is available to subscribers to the journal.
Author's Biography
Michael Bellacosa is Global Head of Payments and Transaction Services, BNY Mellon Treasury Services. He leads the product management, product development and strategic planning functions for the business, driving the development of new and innovative solutions to meet the evolving needs of clients. Previously, Michael was Global Head of the Treasury Services’ Payments Product Management team. He is a member of the Real-time Payments Business Committees, and currently serves on the National Automated Clearing House Association Board of Directors.
