Two years ago, BNY Mellon began to transform its payment infrastructure with upgrades to its global payment capabilities, and more of that transformation will happen this fall as the company gears up to launch several new processing and reporting enhancements.
In a press release issued earlier this week, BNY Mellon said the new enhancements will include a new credit advising service, the ability to onboard receipts and payment processing to the enterprise payment hub platform and the implementation of an intelligent matching system to improve the management of SWIFT messages related to euro- and pound sterling-denominated payments processed at BNY Mellon’s London and Frankfurt locations.
According to BNY Mellon, the enhanced credit advice service will enable clients who participate in SWIFT to get notices for incoming credits to their accounts, as well as credit information about their clients. The company said the end result will be a more efficient reconciliation processes and more timely and efficient application of funds. Meanwhile, the better message management will make payment processing and reporting more efficient.
“Enhancements to our global payments capabilities were important first steps when we launched our new global payments infrastructure,” said Michael Bellacosa, managing director and head of global payments for BNY Mellon’s treasury services business, said in the press release. “Making processing and reporting more efficient, the improvements we’re launching this fall continue our positive momentum in the payments space.”
The executive went on to say that the payment improvements the bank is launching in the fall reflect the company’s focus on the client and client experience. It also comes in response to rising expectations on the part of clients. “Clients want payment services that are faster, more cost-effective and more transparent than ever before. Banking as an industry is responding. New technologies are creating levels of payment innovation unmatched since the early days of eCommerce more than 40 years ago,” Bellacosa noted.