BNY Mellon has created a new global innovation group in the company's treasury services business and appointed MD Christopher Mager to head up the operation.
The launch of the unit comes as the transaction banking and payments industry undergoes a series of convulsions from the application of new technologies and growth in global payments.
In a paper published last year, the US bank stressed the imperative of working closely with fintech firms to meet the coming challenges, through partnerships, capital investment and accelerator programmes.
Mager, who has previously led strategic development, product development, and emerging payment technology initiatives, will now be responsible for the management of strategic innovation projects at the group.
The role will entail identifying and screening promising business concepts, evaluating and implementing new technology, assessing financial technology startups, and developing and guiding the group's understanding of emerging payment technologies such as blockchain and distributed ledgers.
In an effort to convert concepts to practicable applications, Mager will report to Anthony Brady, managing director and global head of product management.
"The global innovation team will play a key role in the launch of new technologies that will enhance the competitiveness of BNY Mellon's treasury services group," says Brady. "Innovation is vital to our ability to deliver market-leading solutions to clients so that we can continue to grow existing relationships and build new ones."