Fintech is having a huge impact on the transaction sector, presenting new capabilities that have the potential to redefine the very culture of payments. In International Banker, Chris Mager, Head of Market Segments at BNY Mellon, discusses how fintech is not only altering payments, but transforming banks’ whole approach to innovation. Indeed, the influx of new non-bank players to the market has encouraged banks to adopt a whole host of strategies to ensure they remain at the forefront when it comes to developing new payment solutions.
In Mager’s view banks are not only participating in transformative change, but increasingly striving to lead the transformation. Through initiatives such as SWIFT’s Global Payments Initiative (GPI), banks are joining together to help to ultimately deliver the optimal client payment experience.
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