The payments space has undergone a significant shake-up in recent years, with new technology capabilities and a mass of fintech companies bursting onto the scene. Banks have subsequently been forced to attune to an increasingly digital landscape and a growth of competition. Yet while this revolution has posed challenge to the banking industry, it also presents an exciting opportunity.
Writing for TMI, Michael Bellacosa, Head of Global Payments Product Management, Treasury Services, BNY Mellon, emphasises the fundamental value of digitalisation, and bank-fintech partnership as a means of enriching the whole transaction experience for clients. Bellacosa argues that bank-fintech and inter-bank collaboration can help the industry to ultimately deliver real-time, transparent and cost-effective global payments to its clients.
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