BNY Mellon Join Hands With Trustly To Introduce Open Banking Payment Offering
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In a groundbreaking move in the banking industry, BNY Mellon has forged a strategic partnership with Trustly to pave the way for an open banking payment system with assured settlement. This cutting-edge solution promises to redefine security and convenience in the banking industry. In a tweet, BNY says the new platform will provide guaranteed funds for business receivables.
ANNOUNCEMENT 📣 We’re pleased to announce the launch of Bankify, an innovative #openbanking payments solution, created through a strategic alliance with @Trustly. Bankify provides a seamless experience and offers guaranteed funds for business receivables. https://t.co/ewePAxkrBR pic.twitter.com/90X4XiHLwU
— BNY Mellon (@BNYMellon) September 7, 2023
BankifySM Revolutionizing Payment Solutions
BNY Mellon (NYSE: BK) introduced an open banking payments solution, “BankifySM,” to facilitate organizations receiving payments from consumer bank accounts. This solution ensures secure funds for business receivables and offers a seamless user experience.
Bankify will combine BNY Mellon’s expertise in transaction payment with Trustly’s leading position in open banking capabilities. Through this partnership, BNY Mallon’s clients will enable consumers to seamlessly make payments directly from their bank account as an alternative to debit, credit cards, and third-party payment systems.
Bankify was developed with a thorough dedication to all consumer-to-business payment systems, including digital wallet funding, account funding, and merchant payment.
The new platform preaches to be a game-changer for the payment industries in both the diverse range of organizations it can support and the depth of the solution. Bankify’s account linking settlement and experience provides a powerful tool to significantly improve an organization’s performance.
BNY Mellon: A Legacy Of Financial Leadership
Founded in 1784, BNY Mellon is the oldest bank in America and the first firm publicly listed on the New York Stock Exchange (NYSE: BK). Presently, BNY Mellon plays a pivotal role in the capital market worldwide by offering inclusive solutions that enable clients to effectively manage and service their financial resources across the entire investment life cycle.
As of June 30, 2023, BNY Mellon had assets valued at $46.9 trillion under administration and custody and assets valued at $1.9 trillion under management. BNY Mellon has been recognized among Fast Company’s Best Workplaces for Innovators and Fortune’s World’s Most Admired Companies Banking and Financial Innovation.
It also serves as the corporate brand of The Bank of New York Mellon company. The partnership between BNY Mellon and Trustly originated through their mutual focus on driving progress in the payment industries and setting up an alternative.
This is a fresh and innovative approach to handling financial transactions involving individual businesses and consumers.
The approach is rooted in the principle of Open Banking. In this era of digital transformation, BNY Mellon’s partnership with Trustly signals a bold step into the future, where banking is more accessible than ever before.
