BNY’s treasury services business was one of the first in the organisation to implement the new platforms operating model, aimed at grouping like-activities together into platforms that create scale in adaptable and reusable ways across the company. Fabian Khoshbakht, head of treasury services for Asia Pacific (APAC) and global head of client insight and innovation for treasury services explained that under the new model, treasury services is less siloed. “By simplifying, streamlining and collaborating through cross-functional teams, we create more intuitive client journeys and improve our ability to anticipate unmet needs.” He acknowledged that the transformation is still in progress but said it has already led to greater agility and a new culture of commerciality. “We are going to market much faster, because of how the platform’s operating model has enabled teams to deliver goals using agile ways.” Khoshbakht explained that the change is more than operational. “We are an enabler,” he said. “Leveraging our infrastructure, data and insights—we are empowering our clients to solve their business challenges.” This is particularly significant in Asia Pacific, where financial institutions (FIs) operate in diverse markets with varying regulatory, technological and competitive landscapes. BNY’s ability to deliver global consistency while adapting to local client needs will be critical to supporting APAC clients in the long run. Expanding payments and liquidity access for FIs in APAC BNY’s institutional payments business in APAC is evolving alongside client demand for faster, more reliable and more transparent cross-border infrastructure. The bank supports over 2,000 FIs globally and processes $2.5 trillion in payments value each day, and over 100 currencies served in foreign exchange (FX) payments. This infrastructure enables regional and local FIs to access dollar clearing, improve operational predictability and broaden corridor coverage. Jonathan Hickey, market manager for payments product, described BNY’s payment franchise as one of scale and neutrality. “We do not serve retail or corporate clients for transaction banking in APAC, and that is important,” he said. “We do not compete with our clients for their end customers; we enable our clients to support their customers.” He positioned BNY’s payments infrastructure as a platform that enables other FIs to scale globally and optimise performance without conflict. “We enable our clients to scale and adapt without having to build everything themselves.” Hickey also detailed how this strategy plays out across APAC corridors. He highlighted a collaboration with Commonwealth Bank of Australia (CBA) to deliver near real-time inbound payments into Australia. “The solution allows BNY’s global clients to have funds received in under 60 seconds by Australian beneficiaries, regardless of the bank in which the beneficiary uses domestically,” he said. “We handle the inbound transaction and connect to the real-time payment rails in Australia.” Fabian Khoshbakht, head of treasury services for Asia Pacific (APAC) and global head of client insight and innovation for treasury services at BNY Jonathan Hickey, market manager for payments product at BNY BNY is also collaborating with the National Australia Bank (NAB) to enhance its cross-border service for payments into Australia through NAB’s real-time payments solution. Carl Slabicki, executive platform owner for treasury services at BNY, said, “This [collaboration] improves the customer experience by offering more convenient and transparent transactions and provides a competitive advantage in the market.” In Korea, BNY worked with iM Bank, formerly Daegu Bank, to activate a SWIFT Go to automated clearing house (ACH) capability. “We built a service that allowed them to send low-value cross-border payments, which we then convert into local ACH batches. That made it viable for them to offer the service to their clients.” Hickey also pointed to BNY’s use of smart routing to ensure that cross-border payments are processed through the most efficient corridors, depending on currency, counterparty and destination market. Carl Slabicki, executive platform owner for treasury services at BNY Junyi Kuah, head of international cash management solutions highlighted the introduction of virtual accounts for FI clients in 2024. “Our implementation supports both collections and payments.” He noted that BNY’s virtual accounts also allow FIs to open sub-ledger accounts under their clients’ names. “This is especially useful for our Asia-based clients that want to offer US-based collection services to their end customers but do not have domestic capabilities,” he said. Embedding data and AI to enhance delivery and client enablement Khoshbakht presented BNY’s progressive use of data and artificial intelligence (AI) as part of a broader effort to modernise service delivery, drive internal productivity and create better client outcomes. He explained that the goal is to transform the client experience by embedding data directly into the infrastructure and servicing model, moving beyond static reporting or post-event analysis. Khoshbakht said, “Data is part of how we deliver. It helps us pre-empt issues, support our clients more intelligently and run more resilient operations.” He illustrated the shift with specific internal initiatives. “We have reduced exceptions in our payments business by applying machine learning,” he noted. “We use predictive models to help identify when a payment might fail, and we can intervene before it breaks.” He said that the improvement in straight-through processing (STP) rate has been enabled increasingly by AI to reduce the remaining friction. Beyond automation, the focus is on visibility and enablement. “We are using data to surface insights that our frontline teams can act on,” he said. “That includes operational performance, risk triggers and relationship context. We want to give our people the tools to help our clients.” Khoshbakht stressed that AI deployment is measured and targeted. “We are focused on where it solves a problem—whether that is exception management, client escalation, or internal process improvement.” He noted that while data and AI are often marketed as futuristic or transformational, BNY’s application is grounded in operational discipline. “We are solving very real problems—manual workarounds, fragmented processes, inconsistent visibility—and we are doing it at scale,” he said. Khoshbakht acknowledged that expectations from clients are rising. “We are investing our technology to meet those expectations, and we do that with accountability.” Strengthening implementation and service delivery with an integrated client model Amy Tong, international head of client implementation and service for APAC as well as Europe, the Middle East and Africa (EMEA), outlined how BNY has evolved its approach to client onboarding and servicing to support the growing client needs internationally. “The business is becoming more complex, and expectations are rising; hence the capability to enable our client experience seamlessly is key,” she said. “We are seeing clients launch products quickly and expect infrastructure and providers like us to move just as fast.” She noted that clients expect a trusted institution like BNY to provide real-time, on-demand access to onboarding progress and servicing updates, particularly when operating across markets and time zones. To meet this challenge, BNY has developed a more integrated client servicing framework that bridges the end-to-end client journey powered by data and proactive engagement with clients. “We’re building greater alignment across the entire value chain with a client-focused mindset.” Junyi Kuah, head of international cash management solutions at BNY Amy Tong, international head of client implementation and service for APAC at BNY Building scalable trade finance infrastructure through digital connectivity BNY’s approach to trade finance in APAC focuses on enabling scalable access to the global trade ecosystem without requiring clients to build out their own infrastructure. The bank acts as an intermediary and enabler, offering correspondent connectivity, message intermediation and compliance filtering through its Trade Network Access Service (TNAS). Angelia Toh, trade finance structurer for treasury services in Asia Pacific, introduced TNAS as a response to the challenges posed by the shrinking network of active relationship management application (RMA) in the documentary trade space. “There is a cost to maintaining the monitoring, the know-your-customer (KYC) and the documentation required,” said Toh. She explained that TNAS helps financial institutions bridge this gap by enabling them to route letters of credit (LCs) and trade messages through BNY’s active correspondent network. “We act as the first advising bank, stepping in to advise and forward the LC, while facilitating the compliance, workability and documentation checks,” Toh said. “This allows banks that may not have direct RMA (relationship management application) coverage to continue supporting their clients without operational disruption.” The service was formally launched in early 2024, following two years of piloting. “Mizuho in Japan and Golomt Bank in Mongolia were among the early adopters,” she said. “And since its launch, we have seen strong interest from banks across different parts of the region.” Toh stressed that TNAS is not just about message routing. “We are adding value by performing compliance checks before the message is sent,” she said. This pre-validation step, she noted, helps reduce disputes and rejections, especially when dealing with less familiar counterparties or complex LC structures. The platform is accessed through a secure, self-service portal that allows banks to view where BNY has active RMAs, submit requests for new coverage and track the status of transactions. “We have built it to be intuitive and flexible,” Toh said. “You can see in real time whether we can advise or confirm a transaction for a given counterparty.” One additional feature of TNAS is its support for LC confirmation and discounting, providing risk mitigation for banks that are unable or unwilling to take on exposure to certain issuers. Toh emphasised that “We are not competing with our FI clients. Our role is to make trade connectivity simpler, more reliable and more scalable.” The adoption of TNAS, particularly in APAC, reflects the broader trend of financial institutions seeking to preserve trade capabilities while reducing overhead and compliance complexity. “It is not always economical for FIs to maintain bilateral RMAs for every possible counterparty,” she said. “But through TNAS, we can extend that access on their behalf.” Extending infrastructure to underserved markets and FIs BNY’s treasury services strategy in APAC includes a deliberate focus on FIs and markets that have traditionally lacked access to reliable correspondent infrastructure. This includes new digital banks, niche regional players and institutions operating in emerging markets with limited USD clearing options or access to global networks. Yew Fei Yeow, head of treasury services for South and Southeast Asia, outlined BNY’s engagement with these underserved segments. “Many of these institutions are at an early stage of growth,” he said. “We see long-term value in supporting their growth and providing access to global clearing and payment infrastructure.” He highlighted how BNY has worked with newly licensed digital banks in Singapore, Hong Kong and South Korea. “These banks have limited or no presence outside their home markets, and they look to us to provide capabilities that they don’t have,” Yeow said. “We can offer them access to USD clearing, liquidity and payment rails that they would otherwise need to build from scratch.” BNY’s ability to support these clients rests on its neutral position as a non-competing infrastructure provider. “That makes us a more acceptable provider for institutions that might otherwise be wary of working with providers that also have retail ambitions,” said Yeow. Angelia Toh, trade finance structurer for treasury services in Asia Pacific at BNY Yew Fei Yeow, head of treasury services for South and Southeast Asia at BNY In Cambodia, BNY is supporting local FIs by collaborating with them in their digital transformation journey. “The Cambodian banks show strong interest in familiarising with the evolving regulatory environment while improving their compliance standards,” he said. “We are a trusted advisor who regularly engages the local regulator and commercial banks, and can exchange viewpoints to help them, as they navigate their management of compliance and operational risk.” Yeow acknowledged that onboarding and compliance remain critical hurdles in some of these markets. “We believe in investing in long-term relationships. Once the infrastructure is in place, it opens up many more possibilities for the client.” Aligning global infrastructure with regional execution BNY’s execution in APAC demonstrates a methodical extension of its global platform strategy—bringing together infrastructure, technology and institutional servicing in a model that emphasises enablement. The region’s complexity, shaped by regulatory diversity and varying levels of digital maturity, has made it a proving ground for the bank’s unified operating approach. Across payments, trade finance and servicing, the bank remains focused on delivering infrastructure that supports FIs' ability to scale without having to replicate global capabilities internally. Whether through its role as a USD clearing service provider, an intermediary for documentary trade, or a provider of integrated onboarding and servicing, BNY consistently positions itself as a neutral and reliable counterparty. BNY’s investments in data and AI, while targeted, are enabling it to move toward more predictive and transparent operations—supporting both its internal teams and clients in managing complexity and exceptions. Meanwhile, its outreach to underserved segments, including digital banks and institutions in emerging markets, reflects a long-term strategy to embed itself into the foundational infrastructure of developing financial ecosystems. What remains is the challenge of continuing to meet rising expectations in transparency, configurability and time-to-value, particularly as fintechs and digital-native institutions reshape service benchmarks. BNY’s platform model provides a scalable foundation—but its regional success will ultimately depend on how well it continues to adapt that foundation to the specific demands of its APAC clients.
