FinTech: BNY Mellon Unveils Bankify For Businesses To Receive Payments From Consumers’ Bank Accounts

September 8, 2023 | FinTech, News

BNY Mellon collaborated with Trustly on Bankify.

BNY Mellon (NYSE: BK) has introduced Bankify, an innovative open banking payments solution in collaboration with Trustly. This solution allows organizations to seamlessly receive consumer payments from bank accounts while ensuring guaranteed funds for business receivables. Bankify combines BNY Mellon’s expertise in transaction payments with Trustly’s leading open banking capabilities.

With this offering, BNY Mellon’s clients can provide end-users with the option to make payments directly from their bank accounts, offering an alternative to credit/debit cards and third-party payment platforms. Bankify caters to various consumer-to-business payment scenarios, including merchant payments, bill payments, and digital wallet funding.

This initiative is set to make a significant impact on the payments industry by providing efficient solutions for a wide range of organizations, from merchants seeking cost-efficiencies to billers enhancing customer banking data sharing and brokerage firms looking for guaranteed settlement for instant fund access during enrollment.

This collaboration between Trustly and BNY Mellon aims to advance the payment industry and establish a new open banking-based standard for both consumer and business payments, emphasizing financial responsibility for consumers and data insights for merchants.

BNY Mellon, established in 1784, is America’s oldest bank and a key player in global capital markets. As of June 30, 2023, it had $46.9 trillion in assets under custody and/or administration and $1.9 trillion in assets under management. It has a strong reputation, being 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.

Related Story: BNY Mellon And MoCaFi Join Hands To Extend Digital Payments To Underserved Communities In The United States

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