Earlier this year BNY Mellon conducted an
in-depth survey with 55 corporate clients across a variety of industries. The questions covered the impact of several new
payment technologies for corporate treasurers. These include more run-of-the-mill innovations such as moving vendor payments from check to electronic, to the more advanced technologies such as blockchain and DLT as well as bots and AI. The impact of DLT is only significant over the medium to long-term.
In the nearer term, the lower tech payment improvements are assessed as having the highest impact on business. These include moving to electronic payment, real-time payments, and tokenizing payments by using email or phone numbers as representations of bank accounts.
Blockchain benefits
The bank listed a raft of potential DLT benefits. These include operational simplification, regulatory efficiency by enabling real-time monitoring, and the reduction of counterparty risk. Plus there’s the improving settlement speeds, potential improvements liquidity and capital usage, and fraud minimization.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
Image Copyright: BNY Mellon
