American investment banking services provider BNY Mellon has joined forces with Swedish fintech company Trustly to roll out Bankify, an open banking payments solution.
Bankify is designed to help institutions receive consumer payments from bank accounts with a frictionless user experience.
By combining the transaction payments expertise of BNY Mellon with Trustly’s open banking capabilities, the new solution is said to offer guaranteed funds for business receivables.
Trustly founder and CEO Alexandre Gontheir 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.”
The open banking payments solution will enable BNY Mellon’s customers to offer end-users the ability to easily make payments directly from their bank accounts instead of credit or debit cards and third-party payment platforms.
Bankify is developed with a focus on various consumer-to-business payment processes, encompassing merchant payments, bill payments, as well as funding accounts or digital wallets, said BNY Mellon.
BNY Mellon treasury services global head Jennifer Barker said: “Bankify moves the needle for the payments industry in both the depth of the solution and the diverse range of organisations 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 organisation’s top and bottom lines.”
In June 2023, BNY Mellon’s clearing and custody services provider Pershing launched a new wealth management platform, dubbed Wove, to bring together the technology tools used by advisors into a single platform driven by data.
Wove features the core applications advisors require, including advanced data reporting and analytics, flexible billing, financial plan building, cross-custodian trading, and rebalancing.