by Michael Bellacosa, Head of Global Payments Product Management, Treasury Services, BNY Mellon
Rapid technology developments and the corresponding flood of new fintech players into the finance market are having a huge impact on payments. What’s more, it is also having a huge impact on banks, which are having to adapt to and navigate the fast-changing landscape. Michael Bellacosa, Head of Global Payments Product Management, Treasury Services, BNY Mellon, discusses how banks’ strategies are evolving in response to fintech and digitisation, and how banks are taking the helm in order to deliver client-centric, transformative payment initiatives.
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. These developments presented a whole new ballgame to banks; not only were they required to attune to the increasingly-digital landscape, the market had suddenly become much more competitive.