BNY Mellon launches open banking payments solution Bankify

By Delisha Fernandes

BNY Mellon, has announced the launch of Bankify, an open banking payments solution that helps organisations 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 moves the needle for the payments industry in both the depth of the solution and the diverse range of organizations it can support,” said Jennifer Barker, Global Head of Treasury Services for BNY Mellon. “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.”

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

“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,” said Alexandre Gontheir, Founder and CEO of Trustly, Inc. “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.”