BNY

It was the largest U.S. transaction ever to instantly settle, following The Clearing House's new transaction ceiling that went into effect Sunday.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.

Recent advancements in transaction processing aim to improve visibility into cash flow, which can be thrown into chaos with uncertain shipments.

In her daily duties at BNY, Smits, who is originally from the Netherlands and now based in Britain, leads the bank's seven investment firms which have a combined $2 trillion in assets.

Portney leads the bank's largest business unit, asset servicing. The group's assets under custody and administration neared $50 trillion in the second quarter, setting a record for BNY and the financial industry.

Barker joined BNY in 2022 as global head of treasury services. In the first quarter of 2024, she started overseeing depositary receipts, a line of business that helps clients get listed on a stock exchange outside of their home country.

The bank's acquisition of embedded finance firm Rize Money and collaboration with open banking firm Trustly will enable the bank to grow real-time processing, account-to-account transfers and address emerging compliance challenges.

The organization says 'request for pay' has gotten early traction with billing and account-to account transfers. Now it's targeting consumer-to-government and digital wallet disbursements.

BNY Chief Commercial Officer, Cathinka Wahlstrom, and Global Head of Enterprise Execution and Chief Corporate Affairs Officer, Jayee Koffey sit down with Editor-in-Chief Chana Schoenberger

The bank is connecting billers and brokerage accounts as it builds the case for instant funding. It also points to countries such as Brazil and India as models to follow.