BNY Mellon has revealed that its Treasury Services business will launch a new payment service that will enable clients to make real-time and next-day payments to consumers using their email address or mobile number.
The new Tokenized Payments service will eliminate the need for clients to store or process payees’ bank account information using Early Warning’s clearXchange network.
BNY Mellon said that it will use clearXchange’s network and real-time messaging capabilities to facilitate payments to other financial institutions, which will enable clients to send payments directly to any payee with a bank account in the US.
BNY Mellon’s Treasury Services business managing director and global head of business strategy and market solutions Tony Brady said: "Our new Tokenized Payments solution is a powerful demonstration of how BNY Mellon is utilizing faster payments technology to provide clients with enhanced payment services.
"Tokenized Payments will give clients access to the increased speed and cost efficiency benefits of faster payments while simultaneously strengthening cyber and information security."
Early Warning group president of payments Lou Anne Alexander said: "The size and technological sophistication of BNY Mellon’s corporate clients makes them an excellent match for our digital payments solution, and BNY Mellon’s tradition of developing solutions collaboratively with clients will provide us with key insights and feedback as we expand our real-time disbursements solutions."