Bank of New York Mellon (BNY) observed that one of the most pressing challenges in the global financial system is the need for interoperability across blockchain platforms, market infrastructures and legacy systems. As payment schemes evolve towards continuous 24/7 operating models and new blockchain platforms proliferate, Carl Slabicki, co-head of global payments at BNY, warned that fragmentation risks are becoming more acute. Without effective integration, institutions and their clients may face higher costs, settlement delays and operational inefficiencies. BNY is seeking to address this through a modular interoperability layer that incorporates token adapters, standardised application programming interfaces (APIs) and messaging gateways. These are designed to bridge public and permissioned blockchains with existing payment and securities infrastructures. Slabicki emphasised that this approach is meant to build bridges rather than replace traditional systems. He also stressed the role of banks in enabling interoperability. As financial institutions already act as trusted intermediaries in payments, they are well placed to extend that role into tokenised and blockchain-enabled environments. A unified solution, he argued, will allow clients to move money and assets securely across platforms without adding complexity. This emphasis reflects broader debates expected at Sibos 2025. The Frankfurt gathering is likely to highlight how institutions, infrastructure providers and regulators can prevent fragmentation from undermining efficiency as payments and settlements shift to faster and more complex models. Slabicki’s comments indicate that BNY views itself as a contributor to this global dialogue. The role of standards in harmonisation Slabicki identified standards as a critical factor in reducing fragmentation. He pointed to ISO 20022 and the Regulated Liability Network (RLN) as important in this regard. ISO 20022 provides a richer and more structured messaging format for financial transactions, while RLN is being explored as a way to create interoperable tokenised assets within regulated markets. He cautioned that ISO 20022 implementation remains uneven across markets. Different jurisdictions and institutions interpret the standard in varying ways, creating a patchwork of practices. This limits the potential benefits of harmonisation and continues to create friction in cross-border transactions. Despite this, he argued that the long-term success of global payment modernisation depends on converging towards more consistent use of structured data. “The ability to translate data more seamlessly will be critical to that success,” Slabicki said. He added that as new custodial and payment models emerge, they must interoperate effectively. Without common approaches to data and messaging, the industry risks replacing one fragmented infrastructure with another, spanning both traditional and digital platforms. The expected prominence of standards at Sibos 2025 underscores regulatory and industry concerns. Policymakers and standard-setting bodies are expected to push for stronger coordination on protocols such as ISO 20022, recognising their role in enabling efficient cross-border settlement. Slabicki’s remarks show that BNY is positioning itself to emphasise harmonisation as a foundation for the next phase of financial infrastructure. Applying AI in client engagement Slabicki also addressed how artificial intelligence (AI) is being applied within BNY to improve client engagement and risk management. He explained that generative and predictive analytics are embedded across the bank’s operations, from operational assistants and engineering tools to fraud detection and client onboarding. A notable example is the Eliza platform, where an AI-powered agent helps clients explore the Treasury Services API marketplace. This allows development teams to test capabilities more quickly, accelerating integration and reducing friction in onboarding. Slabicki said this shows how AI can be used not only for internal efficiency but also as a client-facing enabler. He emphasised that AI is being deployed as part of a broader strategy to improve both client experience and operational resilience. Predictive analytics enhance fraud detection by identifying irregularities earlier, while generative models support documentation, testing and problem-solving in engineering. These examples highlight how AI is moving from pilot programmes into practical use cases. At Sibos 2025, AI is expected to feature prominently, with institutions showcasing tangible deployments. Slabicki’s comments suggest BNY is positioning itself to present real-world applications rather than speculative concepts, aligning with an industry-wide shift towards adoption at scale. Expanding instant payment connectivity Slabicki highlighted BNY’s progress in linking domestic fast payment systems to global clearing networks. He said the bank has extended its capabilities beyond high-value transactions to include both low-value and instant clearing schemes across several markets. Connections are made either directly, where permitted, or through correspondent partners. He explained that this expansion is designed to give clients a single point of entry into an increasingly globalised payments infrastructure. The objective is to simplify access and reduce the need for multiple clearing relationships across different jurisdictions. According to Slabicki, new instant payment endpoints will continue to be added through 2026 and 2027 as more markets mature and open their infrastructures to international participants. He argued that this expansion reflects client demand for faster, more transparent settlement and is part of a longer-term strategy to strengthen BNY’s role in cross-border payments. The connectivity of instant payment systems is likely to be an important topic in Frankfurt. While progress has been made through regional projects and bilateral links, building a truly global web of faster payments remains a challenge. Slabicki’s remarks suggest BNY intends to play an active role in shaping this network, responding to client expectations for speed and borderless reach. Anticipating discussions at Sibos 2025 Looking ahead to Sibos 2025, Slabicki said BNY’s focus will be on the transformation of global payments infrastructure, the shift towards continuous operating models and the design of blockchain-enabled ecosystems. He noted that the conference will also be an opportunity to gather client feedback, which he said will help refine the bank’s payments strategy. “We’ll explore these dynamics while delivering solutions that are both innovative and complementary to existing frameworks,” he said. This reflects BNY’s approach of introducing new initiatives alongside traditional infrastructures to avoid disruption. The Frankfurt event will bring together banks, technology providers, regulators and corporates. Slabicki indicated that BNY aims to engage with these stakeholders to align strategies with market developments, showing the importance of Sibos as a collaborative rather than purely competitive forum. The issues he highlighted—continuous payments, blockchain ecosystems and client-centred design—are aligned with broader debates expected at Sibos. BNY’s participation will therefore form part of an industry-wide dialogue on the future of digital finance. Sibos as a platform for collaboration Slabicki also reflected on the broader role of Sibos. He said the event remains vital for ecosystem building, regulatory engagement and standard-setting. In his view, it provides an environment for multi-stakeholder collaboration on standards, cross-border operating models and policy frameworks. He stressed that such collaboration is necessary to accelerate consensus and create open architectures for sustainable digital finance. Without it, he warned, solutions risk being developed in isolation, limiting their effectiveness and slowing adoption. According to Slabicki, Sibos is unique in its ability to bring together diverse parts of the financial ecosystem. Unlike bilateral meetings or closed groups, the scale of the event allows for broader participation and alignment on practical solutions. He argued that Sibos has evolved from a conference focused largely on deal-making to one that now plays a central role in shaping standards and regulatory frameworks. In Frankfurt, this role will be particularly relevant as institutions work to overcome the challenges of interoperability, harmonisation and cross-border instant payments.
