BNY Mellon, America’s oldest bank, has announced the launch of its latest product, BankifySM.
The new solution aims to revolutionise how organisations handle consumer payments directly from bank accounts.
The introduction of Bankify comes as an answer to the growing demand for simpler, more efficient payment solutions. As the traditional modes of payments evolve, BNY Mellon recognises the necessity for businesses to move away from the limitations of credit and debit card payments, as well as third-party payment platforms.
BNY Mellon has a rich history dating back to 1784 and stands as the first company to be listed on the New York Stock Exchange. Specialising in a wide array of services ranging from asset management to treasury services, the financial powerhouse has consistently pushed the boundaries in FinTech innovation.
Bankify couples BNY Mellon’s robust transaction payment expertise with Trustly’s market-leading open banking capabilities. The product was meticulously designed to cater to all consumer-to-business payment flows—be it merchant payments, bill payments, or even digital wallet funding. This enables BNY Mellon’s clients to offer their end-users an intuitive way to make payments directly from their bank accounts.
Additional benefits of Bankify include a seamless user experience and guaranteed funds for business receivables. Its capabilities stretch beyond just transactional effectiveness; it also offers unique open banking-enabled data insights for merchants.
“Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organisations it can support,” Jennifer Barker, Global Head of Treasury Services for BNY Mellon said. “Whether you are a merchant looking for cost-efficiencies, a biller modernising how your customers share banking data, or a brokerage firm wanting guaranteed settlement in order to offer instant use of funds during enrolment, Bankify’s account linking experience and settlement guarantee are powerful tools that help an organisation’s top and bottom lines.”
“The collaboration between Trustly and BNY Mellon emerged through our mutual focus on advancing the payment industry and establishing a new, alternative, open banking-based standard for consumer and business payments,” Alexandre Gontheir, Founder and CEO of Trustly, Inc. said. “We believe that consumers have the right to a financially responsible payment method, and that merchants have the right to unique open banking-enabled data insights.”
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