Boston, November 6, 2019 – New payment networks have been launched at an increasingly fast rate in the U.S. and globally, but knowing when and how to connect to a real-time rail can be a challenge for banks. For financial institutions that have not yet gone live with real-time payments capabilities, third-party services providers are often the best option, and having a bank serve as a third-party service provider is a new innovation in the market. BNY Mellon has leveraged its own faster payments infrastructure to enable other organizations’ connectivity to The Clearing House’s RTP as well as Zelle and is enabling easier and wider market adoption of and participation in these services.

Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by financial institutions leveraging technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, or levels of automation and effectiveness that are bringing our industry one step closer to next-generation banking. Other reports in this series feature Aite Group’s Impact Innovation Award in Cash Management and Payments for customer experience, customer experience for small businesses, customer experience in cards, customer experience by a global bank, operational efficiency, digital channel capabilities, and product development.

Clients of Aite Group’s Wholesale Banking & Payments service can download this 10-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].