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BNY Mellon (BK) Launches Open Banking Payments Solution, Bankify
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The Bank of New York Mellon Corporation (BK - Free Report) has partnered with payments company Trustly to launch an open banking payments solution called Bankify.
Bankify brings together BNY Mellon’s transaction payments expertise and Trustly’s market-leading open banking capabilities to help organizations receive consumer payments from accounts seamlessly, with guaranteed funds for business receivables.
With the help of this payments solution, clients of BNY Mellon will be in a better position to offer end-users the ability to make payments directly from their bank accounts, in contrast to using credit or debit cards and third-party payment platforms.
Bankify has been developed keeping in mind all consumer-to-business payment flows like merchant payments, bill pay and account/digital wallet funding.
Jennifer Barker, the global head of treasury services at BNY Mellon, stated, “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, the founder and CEO of Trustly, 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.”
Bankify has been launched at a time when there are still many questions about the use of open banking.
Open banking, which has been prevalent elsewhere, is slowly becoming popular in the United States. Open banking is a system that uses open application programming interfaces that allow third-party developers to build applications and services around the financial institution and let consumers dictate what data can be shared with third parties and apps.
With the help of open banking, BNY Mellon will be able to bring down transaction costs.
BNY Mellon has continuously been undertaking several growth initiatives, like launching new services, digitizing operations and making strategic buyouts. In 2021, the company, through its subsidiary, acquired Optimal Asset Management.
BNY Mellon has been trying to gain a foothold in foreign markets. Given the huge growth potential of overseas securities markets and a rise in complex new securities, the long-term growth prospects of the industry are encouraging. The company’s international revenues are expected to continue improving as demand for personalized services rises across the globe.
Over the past three months, shares of BNY Mellon have gained 0.9% against the industry’s decline of 1.5%.
Interactive Brokers (IBKR - Free Report) has unveiled a game-changing feature for Hungarian investors – Tax-Beneficial Savings (“TBSZ”) accounts. This will empower investors to make the most of their wealth-building efforts.
TBSZ accounts offer Hungarian tax residents an attractive opportunity to enjoy substantial tax reductions on their investments. These accounts are designed to foster wealth accumulation and savings, featuring low account minimums and access to a diverse array of global products, including ETFs, across 150 markets.
One of the standout features of IBKR’s TBSZ accounts is flexibility. Eligible investors can actively trade, explore investment opportunities across various asset classes and adjust their portfolios in response to evolving market conditions. With no limits on the amount that can be invested and the freedom to trade in any year the account is open, Hungarian investors have newfound flexibility to craft their financial strategies.
Bank of Montreal (BMO - Free Report) continues demonstrating its commitment to innovation and customer-centric solutions by launching the Extend for BMO app. This empowers BMO Commercial Bank clients in the United States and Canada with enhanced payment management functionality, setting a new standard for convenience and efficiency in corporate banking.
The Extend for BMO app introduces various features that empower cardholders to create and distribute virtual cards to their employees' mobile wallets. This innovation allows seamless spending wherever contactless payments are accepted, enabling businesses to manage expenses efficiently.
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BNY Mellon (BK) Launches Open Banking Payments Solution, Bankify
The Bank of New York Mellon Corporation (BK - Free Report) has partnered with payments company Trustly to launch an open banking payments solution called Bankify.
Bankify brings together BNY Mellon’s transaction payments expertise and Trustly’s market-leading open banking capabilities to help organizations receive consumer payments from accounts seamlessly, with guaranteed funds for business receivables.
With the help of this payments solution, clients of BNY Mellon will be in a better position to offer end-users the ability to make payments directly from their bank accounts, in contrast to using credit or debit cards and third-party payment platforms.
Bankify has been developed keeping in mind all consumer-to-business payment flows like merchant payments, bill pay and account/digital wallet funding.
Jennifer Barker, the global head of treasury services at BNY Mellon, stated, “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, the founder and CEO of Trustly, 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.”
Bankify has been launched at a time when there are still many questions about the use of open banking.
Open banking, which has been prevalent elsewhere, is slowly becoming popular in the United States. Open banking is a system that uses open application programming interfaces that allow third-party developers to build applications and services around the financial institution and let consumers dictate what data can be shared with third parties and apps.
With the help of open banking, BNY Mellon will be able to bring down transaction costs.
BNY Mellon has continuously been undertaking several growth initiatives, like launching new services, digitizing operations and making strategic buyouts. In 2021, the company, through its subsidiary, acquired Optimal Asset Management.
BNY Mellon has been trying to gain a foothold in foreign markets. Given the huge growth potential of overseas securities markets and a rise in complex new securities, the long-term growth prospects of the industry are encouraging. The company’s international revenues are expected to continue improving as demand for personalized services rises across the globe.
Over the past three months, shares of BNY Mellon have gained 0.9% against the industry’s decline of 1.5%.
Image Source: Zacks Investment Research
Currently, BNY Mellon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Restructuring Efforts by Other Finance Firms
Interactive Brokers (IBKR - Free Report) has unveiled a game-changing feature for Hungarian investors – Tax-Beneficial Savings (“TBSZ”) accounts. This will empower investors to make the most of their wealth-building efforts.
TBSZ accounts offer Hungarian tax residents an attractive opportunity to enjoy substantial tax reductions on their investments. These accounts are designed to foster wealth accumulation and savings, featuring low account minimums and access to a diverse array of global products, including ETFs, across 150 markets.
One of the standout features of IBKR’s TBSZ accounts is flexibility. Eligible investors can actively trade, explore investment opportunities across various asset classes and adjust their portfolios in response to evolving market conditions. With no limits on the amount that can be invested and the freedom to trade in any year the account is open, Hungarian investors have newfound flexibility to craft their financial strategies.
Bank of Montreal (BMO - Free Report) continues demonstrating its commitment to innovation and customer-centric solutions by launching the Extend for BMO app. This empowers BMO Commercial Bank clients in the United States and Canada with enhanced payment management functionality, setting a new standard for convenience and efficiency in corporate banking.
The Extend for BMO app introduces various features that empower cardholders to create and distribute virtual cards to their employees' mobile wallets. This innovation allows seamless spending wherever contactless payments are accepted, enabling businesses to manage expenses efficiently.