Bank of New York Mellon Financial Department conducts blockchain research and development deployment

Rage Review : The financial services department of Bank of New York Mellon, a member of the R3 blockchain alliance, has set up an innovation team to research and test emerging technologies such as blockchain. At the same time, it helps banks and customers adapt to the new technological environment and cope with challenges during the transition period. The core work also follows international trends and focuses on financial services.

Translation: Annie_Xu

BNY Mellon’s financial division has formed a new innovation group to research and test new technologies such as blockchain.

The group is named the Global Innovation Group, and Christopher Mager, formerly the department's marketing director, will become the group's leader.

Bank officials said the goal is to help banks and their customers adapt to the new environment brought about by technologies such as blockchain.

Ian Stewart

Ian Stewart, Chief Executive of the Finance Division, said:

“The Global Innovation Group is here to help us meet the challenges of this transition.”

Because blockchain technology can be applied to payment and transaction settlement processes, the group's core work is also financial services.

In January the bank met to discuss extensively the opportunities and challenges of blockchain.

Senior executives of the Ministry of Finance are confident in blockchain technology and have put it into practice, developing a distributed ledger transaction backup prototype.