London and New York, Sept. 22, 2014 -- The next generation of tech-savvy entrepreneurs and business leaders is transforming the global payments market according to a new report, Global Payments 2020: Transformation and Convergence, from BNY Mellon, a global leader in investment management and investment services.
The report says the payments landscape is being shaped by the needs and expectations of retail customers as much as by commercial and corporate clients, as the retail segment's lead in developing new payments solutions filters up to the commercial and corporate segments. Commercial and corporate clients increasingly expect payments solutions to include being able to settle anytime, anywhere, across any channel, which implies a high level of interoperability across systems and across geographical markets.
"The next generation of entrepreneurs and business leaders is taking the helm of economic and commercial activity," said Dominic Broom, head of EMEA sales and relationship management, Treasury Services at BNY Mellon. "To these tech-savvy leaders, having retail banking on their smartphones and tablets is second nature and they are accustomed to convenient, user-friendly applications that offer speed and flexibility. Such expectations are filtered through to commercial and corporate clients, and banks need to embrace the technology."
One of the ways banks can harness this technology is to explore more non-traditional alliances and partnership models, both within financial services and beyond, according to the report. Banks are working in a highly regulated environment, so could find mutual benefit by working with non-bank institutions such as mobile or social network operators, which tend to be more tech-savvy and agile.
The other main drivers of change in global payments include demographics which are reshaping clients' expectations and access to payment channels, the ascent of China which is reshaping traditional notions of north-south trade flows, and currency markets and regulatory regimes which are reflecting the increasingly dominant role of central banks in the management of the global economy. The report offers recommendations for how banks can respond to this threat by:
To view the report, Global Payments 2020: Transformation and Convergence, please click here.
With locations on six continents and an extensive global network of correspondent financial institutions, BNY Mellon's Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimise cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. Earlier this year, BNY Mellon launched its new global payments infrastructure which over time will process any payment on a single platform, anywhere – irrespective of its value, currency or clearing mechanism. The company is also a recognised leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .
Source: Company press release.
US bankruptcies continue upward trend Q1 2024
CEO Gavin McMillan steps down at RevoluGROUP
NCR Voyix, Olo expand long-standing partnership
Former Visa exec Vasant Prabhu joins Intuit Board of Directors
US Payments Forum studies connected car, contextual payments
Accel-KKR completes acquisition of Accertify from AmEx
Open banking market forecast to 2033 released
ROLLER, Amusement Connect team up on cashless cards