The Future is Fintech
by Dominic Broom, Head of Treasury Services EMEA, BNY Mellon
“Fintech will radically redefine the payments landscape, and has the potential to leave banks behind if they fail to react.”
So concludes BNY Mellon’s pioneering new report, Innovation in Payments: The Future is Fintech, which is launched at Sibos 2015. A confluence of technology innovation, increasing interest and investment in financial technology (‘fintech’), new consumer trends and industry-wide developments has sparked a period of momentous change for the payments business, affecting not only the mechanisms, but even the concept of what constitutes a payment. As new payment capabilities come to the fore, innovative technology is transforming how we initiate and process transactions. This is no longer just a case of new currencies or faster payment methods, but an entire rethinking of transfers of ‘value’ (monetary or otherwise) and how these are undertaken.