“And we expect that 40% of digitally-enabled U.S. consumer accounts will eventually have this functionality by year-end.”

In context

“nce Pershing's future growth profile. In treasury services, we continue to see healthy growth in payment volumes on the back of an improving global economy and net new business. In September, we announced that Verizon has become the first corporate client to roll out BNY Mellon's innovative real-time and payments functionality to its customers. Now, we've spoken about this a few times about the capability in the past. And we're just incredibly excited about its future. We see enormous opportunity across our client roster as more retail banks enable their customers to receive and pay the bills via the real-time payments network. As some of you have seen, CEO s from 23 the largest banks in the country, including myself, signed a letter committing to bring these capabilities to the market. And we expect that 40% of digitally-enabled U.S. consumer accounts will eventually have this functionality by year-end. With over 15 billion bills paid annually within the U.S., many of which are still paper-based. This ecosystem is right for disruption, which are innovative, innovative capability is built to address it scale. And we are uniquely positioned in the market as we don't compete with other banks in consumer banking or card issuing. As a result of our leadership in the space, we were recently recognized by the banker as the best transaction bank in payments. It's a real honor, and we think is just the beginning, so a lot more to come in this space. Turning to clearing and collateral management, the business continues to benefit from the higher collateral management balances. In fact, they reached a record, $5 trillion at one point this quarter. Outside the U.S., we're seeing growth as clients”