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BNY Mellon to do wire payments with Microsoft Azure

Wednesday 13 October 2021 09:25 CET | News

US-based BNY Mellon has announced its collaboration with Microsoft to migrate infrastructure supporting wire payments into Microsoft Azure.

As part of this advancement, BNY Mellon has developed a treasury cash management relationship with Microsoft Treasury built on the Azure cloud payment system. This cash management relationship establishes the capability to secure wire payments that are used for the orderly functioning of markets over cloud technology.

The migration into the cloud also represents the latest step in BNY Mellon's desire to digitise the payments industry with technology clients. Collaboration began at SIBOS 2019, when BNY Mellon and Microsoft set out to determine how wire payments infrastructure could be hosted in Azure as the first step in a larger cloud-based digitisation effort for payments.

While cloud-based payments are not designed to replace on-premises wires, they represent a 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 centres.

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Keywords: Microsoft, payment processing, cloud, digitalisation
Categories: Payments & Commerce | Online Payments
Countries: United States
This article is part of category

Payments & Commerce