The bank is working with smaller players to offer a variety of newer niche services, such as real-time security within payments and a portal for institutional investors. It is also focusing on managing fraud risk and anti-money laundering, using technology to gain greater transparency about transactions and prevent issues at the source. BNY Mellon is also working on sharing records with other banks anonymously to create more intelligent models for fraud detection.
Key takeaways:
- The role of the corporate treasurer has evolved, leading to new demands on banks. Treasurers now seek greater assistance with optimising their liquidity in a challenging market, and they’re looking to banks to help shoulder the load.
- BNY Mellon has fostered an open ecosystem in which it collaborates with technology service providers to make the corporate treasurer’s life easier. It has backed networks such as Paymode-X and Zelle to improve payment validation and authentication at every stage of the payment chain.
- BNY Mellon is not just providing raw data to clients, but also giving them outcome-inspired analytics across liquidity, trade, and payments. It’s even helping them initiate their own treasury transformations.
- BNY Mellon is leveraging partnerships and technology to enhance its services. It is using optical character recognition technology to digitally convert print to machine-encoded text, and natural language processing technologies to automate manual tasks for trade collection services and trade document discrepancy reviews.