NEW YORK, Dec. 11, 2017 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services,
announced today that its Treasury Services business has launched a
new service, called "BNY Mellon Tokenized PaymentsSM –
now available with Zelle®". The service will allow BNY Mellon's
corporate and institutional clients to accelerate the transition
from paper to electronic payments.
The new service uses a consumer's electronic token (an email
address or mobile number) to send money quickly from a corporate
account to a consumer. This allows BNY Mellon's Treasury Services
clients to make payments electronically to almost any payee with a
bank account in the U.S., typically within minutes if the recipient
is enrolled with Zelle, or next day.
The Tokenized Payments service eliminates the need for clients
to store or process payees' bank account information, and provides
a fast, secure, convenient and digital consumer experience. It also
eliminates the cost and hassle associated with physical checks and
traditional payment options, which take longer and cost more to
process.
"Our new Tokenized Payments service demonstrates BNY Mellon's
power of fast payments," said Karen Braithwaite, Head of Global
Product Management for BNY Mellon's Treasury Services business. "As
compared to paper checks, Tokenized Payments will give clients
access to the speed and cost efficiency of fast payments while
simultaneously strengthening information security, reducing risk
and improving the experience of clients and their consumers
alike."
With Tokenized Payments, clients can choose from multiple input
channels to instruct BNY Mellon to make a payment that includes the
payee's email address or mobile number and payment details without
needing to collect, store, and maintain payee banking account
information. This approach lowers end-to-end cost while improving
transparency and timeliness of payments.
"Treasury customers are looking for digital payment solutions
that move money to consumers faster, and safer, than physically
mailing checks," said Lou Anne
Alexander, Group President Payments at Early Warning
Services. "By powering its corporate disbursements solution with
Zelle, BNY Mellon eliminates the hassle of obtaining a
payee's banking information, and reduces overall processing costs,
which creates an easier experience for moving money for clients and
consumers."
About Zelle®
Brought to you by Early
Warning, an innovator in payment and risk management solutions,
Zelle makes it easy, fast and safe for money to move.
The Zelle Network® connects the nation's leading
financial institutions,enabling consumers to send fast
person-to-person payments to nearly anyone with a U.S. bank
account. Funds are available directly in consumer bank accounts
generally within minutes when the recipient is already enrolled
with Zelle. To learn more about Zelle and its
participating financial institutions, visit
http://www.zellepay.com.
About BNY Mellon Treasury Services
With locations on six continents and an extensive network of
correspondent financial institutions, BNY Mellon's Treasury
Services group delivers high-quality performance in global
payments, trade services and cash management. It helps clients
optimize cash flow, manage liquidity and make payments more
efficiently around the world in more than 100 countries. Processing
payment transactions in over 120 currencies, the company is a
top-five participant in both the CHIPS and Fed funds transfer
networks. The company is also a recognized leader in the delivery
of private-label treasury services solutions for banks and other
large institutional clients.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 trillion in assets under custody and/or
administration, and $1.8 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
Contact:
Christopher Fox
917-470-4689
christopher.fox@bnymellon.com
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SOURCE BNY Mellon