BNY Mellon: Blockchain Tech Could Transform Payments
Blockchain technology could potentially transform payments, says a new report by American multinational banking corporation BNY Mellon. Although the report - titled "Innovation in Payments: The Future is FinTech" - notes that bitcoin may not survive in the long-term, the blockchain, it says, could help to reduce risk, transaction costs and improve speed, efficiency and transparency in the realm of payments. The report goes on to assert that this process does not come without a set of challenges: "Indeed, blockchain technology presents a number of challenges that have yet to be resolved,....
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Greg Medcraft, Chairman, Australian Securities and Investments Commission (ASIC) in a speech at Carnegie Mellon University underlined the importance of blockchain and how they can transform the capital market. In the speech, he cited four main points that he said, proved that blockchain has the capacity to help transform the capital market. Continuing in the same vein, the Chairman said that blockchain stands for efficiency and speed and has in it the potential to automate the financial system which will cut down the time duration that is needed for transactions. Secondly, he mentioned....
As per a report "Innovation in Payments: The Future is Fintech" by BNY Mellon venture capital investment, accelerator programs and an active focus on the usage of new technologies via allegiances with fintech companies should become the top priorities for banks. This, the report, says is extremely important as the multiplicity of new payment capabilities come to the fore. The report follows on from "Global Payments 2020: Transformation and Convergence" and digs deeper into the growing influence of fintech in transaction banking. Moving further the report also tries to dissect the direct....
BNY Mellon hosted a blockchain event at its Jersey City, New Jersey, campus on 28th January, an event that, while small in terms of the number of attendees, could have a potentially huge impact on how the bank does business in the months and years ahead. Like many other financial institutions in the world, BNY Mellon is weighing how to apply the code that underlies bitcoin for its own purposes. Last year, the bank revealed that it had used its own digital currency for an internal rewards pilot. During remarks before the presentation, BNY Mellon chief information officer Suresh Kumar argued....
BNY Mellon’s treasury unit has organized a new innovation group aimed at investigating and testing new technologies like blockchain. Dubbed the Global Innovation Group, the effort will be spearheaded by managing director Christopher Mager, who previously worked as the unit’s head of market segments. Officials from the bank said that the new effort is, at its core, aimed at helping the bank and its clients navigate an environment that is being reshaped by new technologies like blockchain. Treasury Services CEO Ian Stewart said in a statement: "The Global Innovation Group was created to....
Several major financial services firms, including Citi, Wells Fargo, and BNY Mellon, are investing in institutional digital asset technology provider Talos, which aims to remove “the barriers to wide-scale crypto adoption.” The latest funding round values the company at $1.25 billion. Citi, Wells Fargo, BNY Mellon Participate in $105M Funding Round for Digital Asset Tech Firm A number of major financial services companies, including Citi and Wells Fargo, have joined a funding round for Talos, a global firm that provides institutional digital asset trading technology. Talos....