Today In Digital-First Banking: BNY Mellon Creates Digital Assets Division; Northmill Bank Pulls In Venture Funding
In today’s top digital-first banking news, BNY Mellon is introducing a new division focused on advancing the growth of bitcoin, crypto and other digital assets, while Sweden’s Northmill Bank has carried out a capital round. Plus, Corporate Spending Innovations (CSI) has collaborated with Bank of the West to roll out an integrated payables system.
BNY Mellon is debuting a new division geared toward furthering the expansion of bitcoin, crypto and other digital assets. The bank is reportedly the first global financial institution to reveal intentions to roll out an integrated service for digital assets. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, said in a release.
Northmill Bank, which is based in Sweden, has carried out a capital round of 250 million in Swedish krona (approximately $30 million) via its parent company. Northmill, which obtained a Swedish banking license in September 2019, said it now provides insurance, payments, credits and savings. “Our investors share our view that the bank of the future will be built by being receptive and developing products that really help customers improve their personal finances,” Northmill Bank CEO and Co-Founder Hikmet Ego said in an announcement.
Corporate Spending Innovations (CSI) has teamed with BNP Paribas subsidiary Bank of the West to launch an integrated payables infrastructure called V-PAYO, which includes virtual card payment optimization. V-PAYO comes with a single file for all payment methods like check print and delivery, virtual card or automated clearing house (ACH). The system also offers purchaser and supplier portals that provide a full look into payment status and virtual reconciliation functions. It also provides card payment optimization, among different functionalities.