Although about 100 markets globally have some version of instant or near-real-time payment systems, few have the ability to accept payments across borders, according to Carl Slabicki, executive platform owner of treasury services at BNY.
It’s a problem BNY — which processes an average of $2.4 trillion daily across more than 120 currencies — has been working to solve.
“Where we do direct clearing in certain corridors, we leverage our extensive network of banks, and over all these different regions that we clear into, we're able to work with providers that have access to the instant rails using our existing relationships where we can actually facilitate instant, 24/7, cross-border payments for them,” Slabicki said Oct. 27 at the Money20/20 conference in Las Vegas. “We can really stitch that world together.”
New York City-based BNY taps various high-value and low-value rails, in addition to things like tokenized assets and stablecoins, to make it happen, Slabicki said in an interview with Dive Newsdesk.
Money20/20 is owned by Informa, Banking Dive’s parent company.
