Open Banking: BNY Mellon, Trustly to Support Payment Solution with Guaranteed Settlement

BNY Mellon (NYSE: BK) announced the launch of BankifySM, an open banking payments solution that helps organizations “receive consumer payments from bank accounts, with a seamless user experience and that offers guaranteed funds for business receivables.”

Bankify couples BNY Mellon‘s transaction payments expertise “with Trustly’s market leading open banking capabilities.”

With this solution, BNY Mellon’s clients will be able “to offer end-users the ability to easily make payments directly from their bank accounts as an alternative to credit or debit cards and third-party payment platforms.”

Bankify was designed with all consumer-to-business payment flows in mind – “ranging from merchant payments to bill pay, or account/digital wallet funding.”

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.”

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.”

Established in 1784, BNY Mellon is America’s oldest bank and reportedly “the first company listed on the New York Stock Exchange.”

Today, BNY Mellon powers capital markets “around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle.”

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