Bankers Weigh Blockchain Challenges at BNY Mellon Event
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....
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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,....
Adam Ludwin, chief executive officer at Chain, a San Francisco, Calif.-based startup that partners with businesses like Visa and Nasdaq to provide blockchain networks, explained how blockchains work and urged bankers to embrace the technology during a keynote address at the International Conference on Policy Challenges for the Financial Sector, held at the Federal Reserve in Washington, D.C., according to Bloomberg. The event was attended by central bankers from 90 countries, including officials from the World Bank, the Bank for International Settlements, the International Monetary Fund,....
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....
The New York-based multinational banking and financial services firm Bank of New York Mellon Corporation is experimenting with the potentially disruptive digital currency Bitcoin. The banking giant's dive into the Bitcoin technology comes closely after the Swiss banking major UBS announced that it will open a research lab in London to study the blockchain technology. BNY Mellon's Chief Information Officer Suresh Kumar told CIO Journal that, "We want to try it out to see the applicability of [Bitcoin] in our businesses." It is only apt that the leading banks enter this domain since Bitcoin,....
The Bank of New York Mellon, BNY Mellon, has set up a digital asset unit. The oldest bank in the U.S. plans to “hold, transfer, and issue” bitcoin and other cryptocurrencies on behalf of its clients. The bank aims to eventually treat cryptocurrencies like any other assets. BNY Mellon Gets Into Crypto The oldest bank in the U.S., BNY Mellon, announced Thursday “the formation of a new enterprise digital assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets,....