Dive Newsdesk: BNY aims to ‘stitch [the] world together’

The Future of Cross-Border Payments: BNY’s Innovative Approach

Instant or near-real-time payment systems have become increasingly common in today’s global market, with about 100 markets worldwide offering some form of this technology. However, the ability to accept cross-border payments in real-time remains a challenge for many financial institutions. This is where BNY, a leader in the industry, is stepping in to fill the gap.

Breaking Down the Barrier

BNY, which processes an impressive $2.4 trillion daily across more than 120 currencies, has been actively working to address the issue of cross-border payments. Carl Slabicki, executive platform owner of treasury services at BNY, highlighted the company’s efforts at the recent Money20/20 conference in Las Vegas. By leveraging their extensive network of banks and existing relationships, BNY is able to facilitate instant, 24/7 cross-border payments for their clients.

Slabicki emphasized the importance of connecting different regions and stitching together the world of instant payments. BNY utilizes a combination of high-value and low-value rails, as well as tokenized assets and stablecoins, to make cross-border payments a seamless experience for their customers.

A Multifaceted Approach

BNY’s strategy involves tapping into various payment rails and technologies to ensure the smooth and efficient transfer of funds across borders. By working with providers that have access to instant rails, BNY is able to offer a comprehensive solution for cross-border payments.

At the core of BNY’s approach is their commitment to innovation and adaptability in an ever-evolving financial landscape. By staying ahead of the curve and embracing new technologies, BNY is paving the way for a more connected and efficient global payment system.

Looking Towards the Future

As the demand for instant cross-border payments continues to grow, BNY is poised to lead the way in shaping the future of the industry. By combining expertise, experience, and a commitment to excellence, BNY is setting a new standard for cross-border payments that is both reliable and efficient.

With a focus on collaboration and partnership, BNY is dedicated to providing innovative solutions that meet the evolving needs of their clients. By bridging the gap between different regions and payment systems, BNY is revolutionizing the way cross-border payments are handled.

For more information on BNY’s real-time payment solutions, you can visit the source article here.