BNY Mellon has partnered with Microsoft to migrate infrastructure supporting wire payments into Microsoft Azure.
As part of this initiative, BNY Mellon has developed a treasury cash management relationship with Microsoft Treasury, which is built on the Azure cloud payment system.
The partnership will help to secure high-value wire payments that are critical to the orderly functioning of markets over cloud technology.
Migrating wire payments into Azure is the most efficient way to expand capacity while simultaneously increasing industry resiliency by introducing an alternative workflow outside of physically hosted servers in processing centers, says BNY Mellon.
While cloud-based payments are not designed to replace on-premises wires, they represent an important channel for capacity expansion during episodes of market volatility and could act as a pressure valve in the case of a risk event or some other disruption impacting processing centers, it adds.
Last month, BNY Mellon announced that Verizon would be the first corporate client to utilise its real-time e-bills and payments service for retail customer bill pay.
In July, BNY Mellon announced it was the first US bank to support SWIFT Go, a new service for low-value cross-border payments.
Saket Sharma, chief information and digital officer for BNY Mellon treasury services, says: "The events of 2020 demonstrated the need to accelerate digitisation and help clients in their digital journey. Working closely with Microsoft Azure and our collaborators in Microsoft Treasury, this is further testament to our ambitions to digitise the entire payments industry, making it faster, more transparent, and more resilient for all market participants."
Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft Corp, comments: "We look forward to further combining Microsoft's and BNY Mellon's cloud, engineering and payments expertise to bring innovation to the broader financial services market, with the scalability, reliability and security it needs."
