“BNY Mellon is going to roll out Bankify, an open banking payment solution for organizations and businesses to receive payments from consumers from bank accounts.”
The use of technology in finance can never be seen better than in the USA. The way FinTech has emerged in the country, it has given hope to the entire world for creating some exceptional services. One of the finest examples of finance technology is open banking, and it is being used all across the USA.
BNY Mellon is an American investment banking company headquartered in New York City. The investment banking company is going to roll out Bankify, an open banking payments solution for organizations and businesses to receive payments from consumers from bank accounts. The solution has been designed in a way that it offers seamless user experience and also provides guaranteed funds for business receivables.
What does Bankify do?
Bankify merges BNY Mellon’s transaction payments with Trustly’s open banking capabilities. With this merger, consumers of BNY Mellon will be capable of empowering end-users to easily make payments directly from their bank accounts as an alternative to debit or credit cards and third-party platforms.
Alexandre Gontheir, Founder and CEO of Trustly, Inc, said, “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. 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.”
Why was Bankify designed?
All consumer-to-business payment channels, including bill payment, account/digital wallet funding, merchant payments, and bill pay, were taken into consideration when designing Bankify.
Jennifer Barker, Global Head of Treasury Services for BNY Mellon, said, “Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organizations it can support. 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.”