BNY Mellon Transforming Consumer Payments through Open Banking

In a strategic partnership with Trustly, BNY Mellon has unveiled a groundbreaking open banking-based service called Bankify, designed to simplify and enhance consumer payments directly from bank accounts, according to Finextra. This innovative offering combines BNY Mellon’s extensive transaction payments expertise with Trustly’s robust open banking capabilities, heralding a new era in financial services.

Bankify represents a transformative solution that empowers BNY Mellon’s clients to provide their end-users with the convenience of making payments directly from their bank accounts, offering a compelling alternative to traditional credit or debit cards and third-party payment platforms. The service’s versatility is a key highlight, as it accommodates a wide spectrum of consumer-to-business payment scenarios, including merchant payments, bill payments, and account and digital wallet funding.

Jennifer Barker, Global Head of Treasury Services at BNY Mellon, commented on the significance of Bankify in today’s financial landscape, stating, «Whether you are a merchant seeking cost-efficiencies, a biller aiming to modernize how your customers share banking data, or a brokerage firm desiring guaranteed settlement for offering instant access to funds during enrollment, Bankify’s account linking experience and settlement guarantee are powerful tools that can substantially impact an organization’s top and bottom lines.»

This collaboration between BNY Mellon and Trustly exemplifies the ongoing evolution of open banking and its potential to revolutionize traditional financial services. With Bankify, the two institutions are setting a new standard for efficiency and convenience in consumer payments, ensuring that businesses and consumers alike can benefit from the advantages of open banking technologies.

BNY Mellon and Trustly’s joint venture, Bankify, has the potential to reshape the way consumers make payments and interact with financial institutions. By simplifying and enhancing the payment process, this innovative service opens up new possibilities for businesses to streamline their operations and improve customer experiences in an increasingly digital world.