BNY Mellon, America’s oldest bank, has announced the launch of Bankify, an open banking payments solution that allows organizations to receive consumer payments from bank accounts. This solution aims to provide a seamless user experience and offers guaranteed funds for business receivables.
Bankify combines BNY Mellon’s expertise in transaction payments with Trustly’s market-leading open banking capabilities. By leveraging Trustly’s technology, BNY Mellon’s clients can offer their end-users the option to make payments directly from their bank accounts, as an alternative to traditional credit or debit cards and third-party payment platforms.
Bankify caters to all consumer-to-business payment flows, including merchant payments, bill payments, and account or digital wallet funding. The solution aims to offer cost-efficiencies for merchants, modernize how billers collect banking data from customers, and provide brokerage firms with guaranteed settlement for instant use of funds during enrollment.
Jennifer Barker, Global Head of Treasury Services for BNY Mellon, emphasized the significance of Bankify for the payments industry, stating that it brings depth to the solution and supports a diverse range of organizations. Whether it’s merchants seeking cost-efficiencies, billers modernizing their payment processes, or brokerage firms in need of guaranteed settlement, Bankify’s account linking experience and settlement guarantee provide powerful tools to enhance an organization’s top and bottom lines.
Alexandre Gontheir, Founder and CEO of Trustly, Inc., highlighted the collaboration’s focus on advancing the payment industry and establishing an alternative, open banking-based standard for consumer and business payments. Both companies believe in providing consumers with financially responsible payment methods and enabling merchants with unique open banking-enabled data insights.
With over two centuries of history, BNY Mellon is well-established as America’s oldest bank and the first company listed on the New York Stock Exchange. Today, the bank plays a crucial role in powering capital markets worldwide by offering comprehensive solutions to help clients manage and service their financial assets throughout the investment life cycle.
In launching Bankify, BNY Mellon and Trustly aim to revolutionize the payments landscape by leveraging open banking capabilities and providing a seamless and secure payment experience for consumers and businesses alike.
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