Extends comprehensive digital disbursement platform for
governments and corporations to reach unbanked and underbanked
individuals
Opportunity to strengthen access to range of banking services
via MoCaFi
NEW
YORK, June 8, 2023 /PRNewswire/ -- BNY Mellon
(NYSE: BK) and MoCaFi, a Black-founded fintech platform leading
financial empowerment for traditionally underserved communities,
have formed a strategic alliance to extend payment options to
unbanked and underbanked communities in the U.S.
BNY Mellon's Treasury Services business will now provide
federal, state and local governments, as well as corporate clients,
with a digital disbursement payment service that reaches
individuals without current access to basic financial services
through MoCaFi's offering. The alliance reflects BNY Mellon's
broader commitment to financial inclusion, helping to connect
unbanked and underbanked individuals and communities to
high-quality financial services.
According to a recent Federal Deposit Insurance Corporation
survey, an estimated 4.5 percent of U.S. households (approximately
5.9 million) were "unbanked" in 2021, meaning that no one in the
household had a checking or savings account at a bank or credit
union. Further, an estimated 14.1 percent of U.S. households
(approximately 18.7 million) were "underbanked" in 2021. An
underbanked household is one that has a bank account but lacks
adequate access to other traditional financial services.
The new disbursement service, offered through BNY Mellon's Vaia
platform, allows governments and corporate clients to seamlessly
distribute payments and disbursements, such as disaster relief
financial aid and employee payroll to individuals without financial
services access. These often-vital cash injections can now reach
the communities where they are needed most, timely and effectively.
The opportunity to also receive basic banking services—including an
FDIC-insured account as well as a debit card and credit reporting
capabilities—will also be available for unbanked and underbanked
individuals through the MoCaFi platform.
Jennifer Barker, CEO of
Treasury Services, BNY Mellon said: "The inability to
provide digital payments to a significant portion of the U.S.
economy has been a major hurdle for both public and private
sectors. Through our commitment to innovation, we met this
challenge head on and are thrilled to join forces with a fintech
doing outstanding, tangible work in our communities. Not only does
this fit with BNY Mellon's values of making the financial ecosystem
stronger, better and more accessible, it also promotes financial
equity across the country for people in need."
Wole Coaxum, CEO and Founder
of MoCaFi, said: "Our alliance with BNY Mellon will accelerate
our mission to reduce the racial and social wealth gap through
increasing pathways to wealth for underserved individuals,
especially communities of color. Access to modern banking services
is one of the best approaches to making our economy more inclusive,
and by working with BNY Mellon we are helping to provide
opportunities to as many people as possible. Further, by joining
the Vaia platform, we are creating a more seamless experience for
corporations and municipalities from New
York City to New Orleans
and beyond to receive and distribute cash to a new pool of
consumers."
About BNY Mellon
Established in 1784, BNY Mellon is America's oldest bank and the
first company listed on the New York Stock Exchange (NYSE: BK).
Today, BNY Mellon powers capital markets around the world through
comprehensive solutions that help clients manage and service their
financial assets throughout the investment life cycle. BNY Mellon
had $46.6 trillion in assets under
custody and/or administration and $1.9
trillion in assets under management as of March 31, 2023. BNY Mellon has been named among
Fortune's World's Most Admired Companies and Fast Company's Best
Workplaces for Innovators. BNY Mellon is the corporate brand of The
Bank of New York Mellon Corporation. Additional information is
available on www.bnymellon.com. Follow us
on LinkedIn or visit our Newsroom for the
latest company news.
About MoCaFi
MoCaFi's mission is to help excluded communities create wealth
through better access to public, private, and social capital.
MoCaFi's Financial Services as Infrastructure™ platform works with
governments and institutions to provide cash assistance, mobile
banking, and financial programming to individuals and families.
MoCaFi has disbursed over $100
million in financial resources to underserved communities
across 15 cities and counties across the country.
MoCaFi has been named to FORBES Fintech 50: Most Innovative
Fintechs of 2021, FORTUNE's Impact 20 (2021) and The Plug's 100
Promising Black-led, High-Growth Tech Companies focusing on Social
Impact (2023). For more information, visit www.mocafi.com
Media Contact:
BNY Mellon
Ryan
Wells
ryanw@bnymellon.com
+1 212 298 1249
MoCaFi
Emma
Hernando
press@mocafi.com
View original
content:https://www.prnewswire.com/news-releases/bny-mellon--mocafi-to-bring-digital-payments-innovation-to-underserved-communities-across-the-us-301845818.html
SOURCE BNY Mellon