Without doubt an enormous amount of change is occurring in the payments space. In recent years, transaction banks have been forced to grapple with new challenges such as the growth in regulatory hurdles, a surge in agile fintechs offering new technological solutions, and expanding economic uncertainty (particularly in China and the EU).
In FX-MM’s special transaction banking debate, Dominic Broom, Head of Treasury Services EMEA at BNY Mellon, provides his perspective on the future of transaction services. Whilst Broom actually views the surge in fintech activity as an opportunity for banks to enrich their digital payment solutions, his main concern for the industry is ensuring banks effectively support the global engine of commerce during the “current economic storm”. Broom argues that while we should be excited about the possibility of a new generation of payments systems, we must not lose site of the here and now and ensure our clients are able to traverse this challenging period.
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