BNY Mellon (NYSE: BK) recently launched Vaia, its new aggregated payment platform that “gives US-based institutions access to the latest digital payment options for disbursements.”
Through a single integration with BNY Mellon, institutions can now “provide their payees with access to Vaia’s wide range of payment choices – including real-time payments via RTP®, Same-Day ACH, Tokenized Payments with Zelle®, and debit cards – all on a client-branded front end.”
This could significantly “reduce the time and resources needed for businesses to connect with all available payment rails.”
Jennifer Barker, CEO of Treasury Services at BNY Mellon, remarked:
“End customers want greater choice in how they are paid, but with so many digital payment options emerging, businesses are struggling to stay up to date with, and connected to, the latest capabilities. Vaia does the heavy lifting to ensure that our clients’ end customers always have access to the latest suite of digital payment options.”
The new platform was “built in collaboration with Verituity, a cloud-based solution that connects banks, payers, and payees to first-time and on-time digital payouts.”
Earlier this year, BNY Mellon “announced that Verituity had joined its Accelerator Program, which fosters collaboration with the best developing technology companies to create next-generation solutions for emerging business challenges.”
Vaia leverages BNY Mellon’s Account Validation Services “to verify payee identities and validate accounts end-to-end, helping to mitigate payment fraud and deliver a safe and efficient payment process.”
Going forward, Vaia will also continue “to add the latest payment innovations to its portfolio of solutions, ensuring that clients and their payees have access to the most up-to-date digital payment options.”
Vaia is currently “available to BNY Mellon clients in the US, with plans to support cross-border payments in future roll-out phases.”
As noted in the update, BNY Mellon is “a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.”
Whether providing financial services for institutions, corporations or individual investors, BNY Mellon “delivers informed investment and wealth management and investment services in 35 countries.”
As of Sept. 30, 2022, BNY Mellon “had $42.2 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.”
BNY Mellon is “the corporate brand of The Bank of New York Mellon Corporation “