BNY Mellon has been awarded the Legacy and Ecosystems Transformation Model Bank Award by Celent – a global research and advisory firm for the financial services industry – for its new global payments infrastructure. Designed to ultimately process payments company-wide on a single platform (regardless of currency, value, initiation method, settlement mechanism or geographic location) the initiative delivers enhanced efficiency, reliability, transparency and cash management oversight. A platform that is easily adaptable, this solution enables BNY Mellon – and BNY Mellon’s clients – to be nimble in responding to the inevitable market changes in the rapidly-evolving payments space.
Gareth Lodge, Senior Analyst at Celent, said: “The judges were impressed by the use of payment services hub technology at BNY Mellon to deliver such an important strategic initiative. Furthermore, the bank chose to build the right infrastructure for the future. This approach not only allows the bank to roll out new countries and currencies significantly quicker and more efficiently than before, it allows new services to be rolled out globally with minimal changes to the new infrastructure.”