OREANDA-NEWS. Leda Glyptis, head of EMEA Innovation Centre, BNY Mellon, was a panelist on the “Future of Money: A Burning Platform?” session at Sibos on Monday, October 12. Commenting on the future of money, Glyptis says: “Fintech is playing a huge role in shaping the evolution of payments, already reengineering the world of retail and consumer payments by changing how, where and when transactions can take place. And as an increasingly rapid influx of new entrants attempt to embed themselves in the corporate transaction arena, banks are becoming all the more aware of the potential for disruption. With fintech investment soaring, it is a case of ‘when’, not ‘if,' fintech will begin to truly make its mark on corporate payments. Already the fintech arena is abuzz with activity; at least 4,000 new fintech entrants are currently up and running, with a growing number evolving to become multi-billion dollar companies.1

“But it is important to note,” adds Glyptis, “that new entrants are far more likely to enhance and advance the world of payments through fintech innovation if concepts are explored and developed in conjunction with banks. Indeed, banks – with their unrivalled experience of payments, infrastructural knowledge, high regulatory standards, fine-tuned security and established client trust – are equally crucial as technology-proficient, innovative new entrants to unlocking successful fintech concepts. That is why partnerships between banks and new entrants will be key to ensuring the corporate payments space is propelled into the digital era.”