Bank of New York Mellon has created a dedicated innovation group for launching new technologies in its treasury services unit.
The Global Innovation Group will be responsible for research, evaluation and proofs of concept around emerging payments technologies, including blockchains and distributed ledgers and engaging with fintech companies, the bank said Tuesday. It will be part of the treasury services unit's global product management sector.
"Global payments are rapidly increasing, and banks are under unprecedented pressure to improve the payments experience they deliver to their clients," Ian Stewart, chief executive officer of the BNY Mellon's treasury services business, said in a news release. "The Global Innovation Group was created to help us meet the challenges of this period of transformation" in the payments industry.
The bank named Christopher Mager to lead the group as head of global innovation.
Mager was previously head of market segments in treasury services. He was also the business manager for alternative distribution channels – including treasury services' private-label business, strategic integrated solutions, and asset account services. He is also a member of the Federal Reserve's Faster Payments Task Force and a frequent speaker on payment modernization initiatives.