Shehreyar (Shrey) Jamshed
Director, Global Payments
Bank of America
Biography
Shehreyar (Shrey) Jamshed has over 10 years of experience across various roles in the financial services industry. He currently leads Bank of America’s Pay by Bank product, where his work has contributed to the bank’s pioneering role in the account-to-account payment space as the first international bank to launch a single Pay by Bank product that covered multiple markets/regions.
For the last four years, Shrey has worked on diverse payments solutions, helping the bank develop a roadmap to integrate blockchain into emerging payments products by working with multiple fintechs. Shrey also supports the fintech industry at large through his volunteer work with the Bank of America Breakthrough Lab®, an impact accelerator program focused on providing business and economic opportunities to diverse and underrepresented entrepreneurs. Shrey helped launch the program in the U.S. and co-led its first international expansion into EMEA. Shrey has mentored more than ten fintech startups through the program to date.
Prior to his transition to payments, Shrey worked in fixed income capital markets at Bank of America where he led realignment of rates and credit derivates pricing/clearing requirements as part of new regulations, led client migration as part of new legal entity structures for the bank after Brexit, and developed new growth/strategy streams for sales and trading teams. He was also part of the bank’s realignment to adhere to complex regulatory change such as MiFID II and EMIR 2 skillsets he brought into payments to enable rapid and precise execution of new payment products from the bank. Shrey also led business development at a peer-to-peer lending fintech startup that was selected to be part of an incubator set up by the Hong Kong government. That fintech was one of the first peer-to-peer lending platforms in the city.
Shrey began his career in high yield debt capital markets origination covering financing via bond issuance for high-growth companies with unusual or complex credit profiles. He now leverages his skill for identifying high potential companies to find opportunities for fintech partnership and investment as he develops new payments solutions.
Shrey is based in New York and has previously worked in London and Hong Kong. He is a graduate of McGill University with degrees in both Economics and International Development, and he’s a CFA charterholder.
How is the nominee propelling the industry forward?
Shrey is an expert in the account-to-account payments industry and has developed a global Pay by Bank solution for Bank of America that enables corporate clients to use one solution across multiple regions, starting with the UK and Europe. Pay by Bank is growing into a core solution that easily and securely makes payments between the bank accounts of consumers and merchants. Juniper Payments estimates that Pay by Bank payments will globally exceed $330 billion by 2027, an increase of 479% from $57 billion in payments in 2023. Shrey’s work is at the forefront of that growth.
Shrey sees enormous potential in bank/fintech collaboration. He develops fintech partnerships for Bank of America that enhance the ease of integration for clients, significantly reduce investment requirements and accelerate speed to market. These partnerships have resulted in nimble products that can quickly adapt and grow. Shrey has mentored more than 10 emerging fintech companies through the Bank of America Breakthrough Lab, another example of how financial institutions and fintechs can work together. This included work on solutions that will bring the intersection and benefits of traditional finance and blockchain technologies closer together over time.
Shrey also collaborates with payments colleagues to deliver new solutions outside his Pay by Bank portfolio. For example, he’s a co-inventor on the bank’s patented solution to leverage a payment network harnessing Internet of Things (IoT) devices to authenticate, verify and execute payments.
Where do you see the nominee succeeding in the future?
Shrey is undaunted by complexity and an enthusiastic, proven driver of tech innovation. He’s expert at rallying stakeholders around visions for change and rapidly executing against those visions. He’s eager to use his experience to lead the industry push for Pay by Bank globally, helping banks and businesses leverage existing payment infrastructure to more rapidly modernize their payments process and experience. More broadly, he’s excited about the possibilities of open banking to increase efficiency and improve the client experience across the financial system as new use cases continue to develop.
He’s a dynamic leader capable of managing risk while bringing forth positive change in new and complex regulatory environments, illustrated by his work through Brexit, MiFID II and EMIR 2. The industry’s need for that competence will only increase.
It is clear that Shrey will continue to use his passion for supporting tech innovation as both a mentor and a product manager to develop new technologies, partnerships and products that will enhance and grow the payments industry. For now that includes driving the consumerization of the wholesale payments space. It is harder to predict what additional innovations he is bound to come up with in the future.