BNY Mellon Launches Bankify

Rhea-AI Summary

BNY Mellon has formed a strategic alliance with Trustly to launch Bankify, an open banking payments solution. Bankify allows organizations to receive consumer payments from bank accounts with a seamless user experience and guaranteed funds for business receivables.

BNY Mellon forms strategic alliance with Trustly to pioneer an open banking payment solution with guaranteed settlement

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- BNY Mellon (NYSE: BK) today announced the launch of Bankify^SM, an open banking payments solution that helps organizations receive consumer payments from bank accounts, with a seamless user experience and that offers guaranteed funds for business receivables.

Bankify couples BNY Mellon's transaction payments expertise with Trustly's market leading open banking capabilities. With this solution, BNY Mellon's clients will be able to offer end-users the ability to easily make payments directly from their bank accounts as an alternative to credit or debit cards and third-party payment platforms. Bankify was designed with all consumer-to-business payment flows in mind – ranging from merchant payments to bill pay, or account/digital wallet funding.

"Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organizations it can support," said Jennifer Barker, Global Head of Treasury Services for BNY Mellon. "Whether you are a merchant looking for cost-efficiencies, a biller modernizing 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 organization'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," said Alexandre Gontheir, Founder and CEO of Trustly, Inc. "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."

About BNY Mellon

 Established in 1784, BNY Mellon is America's oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had $46.9 trillion in assets under custody and/or administration and $1.9 trillion in assets under management as of June 30, 2023. BNY Mellon has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

Media Contact:
Ryan Wells
+1 212 298 1249
ryanw@bnymellon.com 

 

View original content:https://www.prnewswire.com/news-releases/bny-mellon-launches-bankify-301920396.html

SOURCE BNY Mellon

FAQ

What is Bankify?

Bankify is an open banking payments solution launched by BNY Mellon in collaboration with Trustly. It enables organizations to receive consumer payments from bank accounts with guaranteed funds and a seamless user experience.

What are the benefits of Bankify?

Bankify offers a cost-efficient alternative to credit or debit cards and third-party payment platforms. It allows end-users to easily make payments directly from their bank accounts. Bankify supports various consumer-to-business payment flows, including merchant payments, bill pay, and account/digital wallet funding.

Who can benefit from Bankify?

Bankify can benefit merchants looking for cost-efficiencies, billers modernizing how customers share banking data, and brokerage firms wanting guaranteed settlement to offer instant use of funds during enrollment.

What is the collaboration between Trustly and BNY Mellon based on?

The collaboration between Trustly and BNY Mellon aims to advance the payment industry and establish a new open banking-based standard for consumer and business payments. They believe in providing consumers with a financially responsible payment method and merchants with unique open banking-enabled data insights.