B2B Payments

BNY Mellon Jumps On The Blockchain Bandwagon

BNY Mellon is the latest major bank to get behind the blockchain. Reports by CoinDesk on Thursday (Oct. 8) said BNY Mellon has issued a new report to discuss the potential for blockchain technology to overhaul global payments.

“Innovation in Payments: The Future is FinTech” recognizes that bitcoin may not survive into the future of payments, but that its underlying ledger technology, the blockchain, could.

[bctt tweet=”BNY Mellon recognizes that bitcoin may not survive, but that blockchain could.”]

“While there is clearly a great deal of potential around the blockchain, the exploration of the applicability of such technology to global corporate transactions is still in its infancy,” the report concludes.

BNY Mellon’s report follows just one day after research from Greenwich Associates was published. That report found that the majority of financial services professionals see blockchain technology outlasting the bitcoin technology that emerged with it.

According to Greenwich Associates research, nearly three-quarters (73 percent) of FinServ experts surveyed said that the survival of blockchain technology isn’t dependent on the bitcoin.

BNY Mellon is just the latest major global financial institution to get behind blockchain technology, a tool that some innovators expect to overhaul the way payments are transferred and settled.

The bank was just one of several others that joined innovator group R3 in an initiative to explore how blockchain technology could integrate into the global banking system. Other banks include Bank of America, Goldman Sachs, JPMorgan and Citi.

To check out what else is HOT in B2B, click here.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.