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THE BIG INTERVIEW
On point down the digital payments pathway
Michael Bellacosa is a managing director at BNY Mellon and head of the Bank’s global payments product management group. He talked to IBS Journal about developments in the payments world
Bill Boyle Senior Editor
T
here is a vast amount going on in the payments arena at the moment, and Michael Bellacosa of BNY Mellon is sitting in the eye of the storm. I sat down with him to find out what initiatives BNY Mellon has been working on during this year and what they are preparing for: “Regulation is playing a large part about what payments can and cannot do. We see increased competition from non-traditional entrants, and that has changed the environment and what we have to do to support our client base which is made up of the big global financial institutions and US corporate clients. There are a couple of routes which we are taking - we are looking to how we help clients and how well we supply them with support in their local jurisdictions in all matters which affect payments.”
For Bellacosa the journey has been about building the right ecosystem: “We ended up creating an enterprise payment hub. We recognised that there were so many things going on in the marketplace that we needed a central view and central place where our payment processes were taking place, and we constructed around it the architecture, components and services which would give us great flexibility. As new technologies come on board, our client needs are continually changing and are being identified from a strategic perspective. That is the first major initiative we have been working on, and by 2018 we will have the last components of this project in place – It has taken several years.
Change to adapt “From a market perspective we have been pretty heavily involved in some of the newer initiatives that are just coming out such as real-time payments, and we have been one of the first banks to get a real-time payment across this new system.”
The Executive Committee of BNY Melon recently announced, but
Mike Bellacosa, BNY Mellon, global payments
has not yet appointed, a new Head of Digital. As is the case with most businesses today, the announcement in November 2017 noted, technology provides BNY Mellon with more ways than ever to provide advanced services to its clients and drive improved quality and efficiency. The statement accepted that the bank has to try harder: “While there are many efforts across the company, BNY Mellon has an opportunity to be bolder in its approach and more consistent in its work in an aggressive pursuit of better solutions for its clients.
“The company, and ultimately its clients, will benefit from expert leadership with deep knowledge of the business application of data management and analytics, artificial intelligence and
www.ibsintelligence.com | © IBS Intelligence 2018
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