In a recent development, BNY Mellon (NYSE:BK) and Trustly have launched an open banking service, providing organizations with the capability to support consumer payments directly from bank accounts. The announcement was made on Friday, marking a significant step in the integration of banking services and digital payment platforms.
The newly launched service combines BNY Mellon's transaction payments expertise with Trustly's open banking capabilities. As a result, BNY Mellon's clients will be able to offer end-users the option to make payments directly from their bank accounts. This alternative method bypasses the need for credit or debit cards and third-party payment platforms. This offering has been designed with all consumer-to-business payment flows in mind, including merchant payments, bill pay, and account or digital wallet funding.
Jennifer Barker, Global Head of Treasury Services at BNY Mellon, commented on the development. "Whether you are a merchant seeking cost-efficiencies, a biller modernizing how your customers share banking data, or a brokerage firm wanting guaranteed settlement to offer instant use of funds during enrollment, Bankify's account linking experience and settlement guarantee are powerful tools that help an organization's top and bottom lines," she said.
The service, named Bankify, integrates BNY Mellon's transaction payments expertise and solutions with Trustly's Open Banking offerings. It aims to provide an efficient and secure experience for clients by guaranteeing funds for business receivables.
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