Karl SlavickiManaging Director and Co-Head of Global Payments BNY Financial Services is focused on meeting customer demands by monitoring industry trends, innovating with the latest technology and prioritizing customer engagement over its products.
To support these efforts, BNY recently launched the following initiatives:
- Wobb Investor: Allows investors to view information from multiple accounts in one place.
- Wove Data: A cloud platform designed to manage data and gain insights.
- Portfolio solutions: Tools to improve research efficiency.
Between Second quarterAccording to its June 12 earnings report, BNY continues to consolidate products and bring all investment capabilities under one roof for clients.
In an interview Bank Automation News, Slavicki In this edited version of the interview, he discusses his approach to leadership and how his team approaches projects and innovation.
Banking Automation News: BNY offers automated smart routing solutions. What other solutions is your team working on?
Karl Slavicki: Our teams are focused on enhancing our smart routing capabilities to provide a seamless experience to our clients across sectors including banks, corporates and fintechs. We enable international payments with our 2,500 correspondent banking partners and continuously invest in global partnerships to fill gaps in the market. As the global landscape evolves, we are actively working to bridge high-value, low-value and instant capabilities across this network to key markets and optimize the end-to-end experience of payment processing in fragmented markets.
We are also focusing on risk and fraud mitigation services in domestic and international payments. By integrating various data points and prepayment management, we are now able to provide our clients with tools to enhance their risk management framework and improve payment predictability.
To deliver this functionality in a simplified way for our clients, we often work with fintech partners to integrate best-in-class solutions to niche industry challenges. For example: truth This enables us to offer BNY’s Vaia platform, a comprehensive business-to-consumer payments solution that streamlines authentication, validation and payment options. Our goal is to integrate the latest technology and capabilities available in the market, often through partnerships, with end-to-end workflow solutions to simplify and enhance our clients’ operations.
Ban: How does your team approach innovation?
CS: Our approach to innovation is to balance three key elements in parallel: First, we maintain active engagement with the industry by participating in organizations such as: Quick, Nacha, Clearing House, Faster Payments Council of America We are in a leading position to shape the industry direction by incorporating feedback from both banks and customers, thereby driving progress in the industry.
Second, we align our development strategy with industry trends and market infrastructure advances. We stay ahead of the industry direction by demonstrating our leadership by showing evidence such as being the first bank on the instant payment rail: Clearing House‘s real-time payments and FedNow, as well as certain new capabilities enabled by SWIFT, ensures that we are prepared to meet future demands.
Finally, we prioritize customer engagement, transparently share industry insights, and align our innovations with customer needs. Aligning industry engagement, development strategy, and customer collaboration is critical to our innovation approach.
Ban: What do customers want from financial services?
CS: Clients increasingly expect improved industry standards, especially in financial services where the gap between capability and adoption is widening. RTP, FedNow, risk and fraud detection capabilities are not yet fully integrated into day-to-day business processes. Clients want knowledge about these available solutions and are looking to us for a consultative approach to ease adoption.
Our focus is on incorporating new functionality without making significant changes to existing client processes – for example, as real-time payment capabilities are introduced, we integrate them into our backend, allowing clients to seamlessly benefit from these advancements.
Ban: What global payments trends are you watching?
CS: We are closely monitoring several global payments trends, with three things in mind:
- Cross-border money transfer options: This includes both high and low value transfers Real-time payments, non-bank payments, etc.
- Enabling cross-border payments: We are exploring ways to work directly with clients to facilitate these payments for their specific use cases, ranging from consumer to business needs.
- Fraud information sharing: Industry efforts to leverage data for fraud prevention and payment protection are also a key focus.
Ban: How would you describe your leadership style?
CS: My leadership style emphasizes active participation and vocal leadership within the industry, as well as real solutions and collaboration with clients. By engaging and providing leadership with industry partners, I strive to move BNY, our clients and the industry in a common direction. Our leadership in first-to-market pilot projects is a great example of our commitment to innovation and leadership by example.
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