BNY Mellon has suffered its second payment processing glitch in the past 18 months as it attempted to move its daily amount of $nearly $26tn through its system. The financial institution handles payments in over 100 currencies with 2,000 partner banks worldwide, keeping 1.6tn under assets for clients. According to recent research, it has been 40 years since US domestic payment processing has been updated, a pertinent point as its technical capacity experiences problems.
BNY Mellon has suffered its second payment processing glitch in the past 18 months as it attempted to move its daily amount of $1.6tn through its system. The financial institution handles payments in over 100 currencies with 2,000 partner banks worldwide, keeping nearly $26tn under assets for clients. According to recent research, it has been 40 years since US domestic payment processing has been updated, a pertinent point as its technical capacity experiences problems.