BNY Mellon unveiled its newest innovation, BankifySM, on September 7, 2023. This transformative open banking payments platform aims to revitalize the way organizations process consumer payments from bank accounts, combining both user-friendliness and guaranteed fund transfers.
In partnership with Trustly, a trailblazer in open banking, Bankify merges BNY Mellon’s renowned transaction payments acumen with Trustly’s adept open banking capabilities. The resulting synergy ensures that BNY Mellon’s clientele can offer a seamless and direct payment method from bank accounts, sidestepping the traditional routes of credit, debit cards, and other third-party payment platforms.
The versatility of Bankify shines through its design, addressing various consumer-to-business payment streams – be it merchant payments, bill settlements, or even digital wallet top-ups.
Highlighting the disruptive potential of Bankify, Jennifer Barker, the Global Head of Treasury Services at BNY Mellon, remarked, “Bankify isn’t just another payment tool; it redefines payment paradigms, supporting a spectrum of organizations. Its account-linking feature and assured settlements are crucial differentiators, enhancing an organization’s financial health.”
On the collaboration front, Alexandre Gontheir, Trustly, Inc.’s Founder and CEO, said, “Our alliance with BNY Mellon roots from our shared aspiration to elevate the payments domain. We champion the ethos that both consumers deserve responsible financial avenues and merchants are entitled to unique insights via open banking.”
The introduction of Bankify underscores a fresh chapter in the payment industry, setting new standards and emphasizing the rights of consumers and merchants alike in the digital payment landscape.