Financial Management

BNY Mellon Unveils Bankify, A Cutting-Edge Addition to Its Portfolio

Bankify, BNY Mellon's Cutting-Edge Offering, Hits the Market
  • BNY Mellon and Trustly have joined forces for an open banking payment solution with guaranteed settlement.

  • This open banking payments solution ensures a smooth user experience and guarantees funds for business receivables.

  • Bankify integrates BNY Mellon's proficiency in transaction payments with Trustly's prominent open banking capabilities.

Bankify, BNY Mellon's latest innovation, introduces an open banking payments solution designed to streamline the process of accepting payments directly from consumers' bank accounts, making it more convenient for organizations. It represents a pivotal stride forward in modern finance, designed with meticulous care to simplify and optimize payment interactions.

BNY Mellon clients will now have the power to empower their end-users with a straightforward method for conducting transactions directly from their bank accounts, presenting a viable and enticing alternative to credit cards, debit cards, and third-party payment platforms.

Bankify's innovation is not confined to a single niche but embraces the entire digital finance ecosystem. Its meticulous design ensures that it caters comprehensively to diverse payment needs, offering simplicity, security, and choice. By bridging the gap between traditional banking and the dynamic world of digital finance, Bankify streamlines payments and enhances customer experiences. It stands as a testament to BNY Mellon's forward-thinking approach and dedication to pushing financial technology's boundaries.

"Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organizations it can support," expressed Jennifer Barker, Global Head of Treasury Services for BNY Mellon.

[Source: Cision PR Newswire]

Jennifer's emphasis on Bankify's capabilities underscores its remarkable versatility and effectiveness across various sectors of the financial industry. Bankify's account linking and settlement guarantee features stand out as powerful assets in a wide range of scenarios. Whether a merchant seeks cost-effective payment processing, a biller aims to modernize customer interactions and secure banking data sharing, or a brokerage firm requires guaranteed settlement for instant fund access during enrollment, these features provide significant benefits. They streamline operations and greatly enhance an organization's overall financial performance, highlighting Bankify's profound impact on the financial spectrum.

Meanwhile, Alexandre Gonthier, Founder and CEO of Trustly, Inc., also highlighted the driving force behind the collaboration with BNY Mellon. The shared dedication to advancing the payment industry and establishing a fresh, open banking-based standard for consumer and business payments has been a central driving force. This partnership underscores a shared belief that consumers should have access to a financially responsible payment method while merchants stand to gain valuable insights from open banking-enabled data.

Nevertheless, the essence of Bankify lies in its versatility, accommodating a broad spectrum of consumer-to-business payment scenarios, including merchant payments, bill settlements, and the funding of digital wallets or accounts.

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