Carl Slabicki, Executive Platform Owner of Treasury Services at BNY, joined Keith Black, Managing Director of RIA Channel to discuss the evolution of payments, the growing role of artificial intelligence in financial services, and how institutions can adapt to the increasing demand for real-time, always-on payments.
The shift towards real-time payments is being driven by advancements in technology like RTP and FedNow, which enable the movement of money in real time. While payments have historically been a back-office function, modern systems allow for real-time transactions, offering greater transparency and control over liquidity. This shift is reshaping how businesses and consumers manage their finances.
As financial institutions integrate these capabilities, Slabicki noted the growing importance of APIs and data-driven infrastructure. BNY Pershing is leveraging its vast data from global investments to help clients make better, real-time decisions. With over 20% of the world’s investable assets under their management, BNY is uniquely positioned to offer valuable insights to treasurers and financial institutions.
However, Slabicki also pointed out the challenges of fraud prevention in the digital payments landscape. As fraudsters use the same technology as financial institutions, the industry must collaborate more effectively to share information on bad actors in real time. He emphasized the need for stronger fraud information-sharing networks to stop scams before they spread.
AI is playing a pivotal role in ensuring both safety and efficiency in financial services. “AI is a tool that will power your ability to stay resilient and to meet the needs from a consumer protection standpoint,” Slabicki emphasized. BNY Pershing has invested heavily in AI, using it to enhance everything from back-office operations to fraud detection. Looking forward, Slabicki advised firms to leverage APIs and partner with other platform providers to create a unified experience for their customers.
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