NEW
YORK, July 20, 2023 /PRNewswire/ -- BNY Mellon
(NYSE: BK) today announced it is now live on the Federal Reserve's
new instant payment rail, the FedNow Service, making it one of
the first banks to begin sending and receiving payments from
participating institutions and support payment activity through
settlement or liquidity services. FedNow will operate 24 hours
a day, seven days a week, year-round. With the FedNow Service
financial institutions will be able to clear and settle payments
instantly at any time.
Through the FedNow Service, BNY Mellon is positioned to expand
the options for corporations, non-banking financial institutions
(NBFIs) and fintechs to move funds instantly, offering choice for
bill payments, payroll, instant account funding and more. By also
participating in a Service Provider role, BNY Mellon will offer its
financial institution clients access to instant payments, helping
them remain competitive and offer best-in-class service for their
customers.
"As an early adopter of the FedNow Service, BNY Mellon
demonstrates dedication to innovation," said Ken Montgomery, Federal Reserve Bank of
Boston first vice president and
FedNow program executive. "Their leadership paves the way for
industrywide progress, setting an example for others wanting to
play a role in support of a modernized U.S. payment
infrastructure."
BNY Mellon began working with the FedNow pilot program when it
began in January 2021. The firm was
one of the early adopters that helped test and provide input on the
service. It has also completed a multi-step client testing and
certification program in the months leading up to
launch.
"We are relentlessly focused on pushing the payments ecosystem
forward by delivering new solutions and services for our clients
that help support their business more efficiently," said
Jennifer Barker, Global Head of
Treasury Services, BNY Mellon. "By becoming a FedNow Service
adopter, we are facilitating broader and deeper access to the
financial industry, while creating greater opportunities for our
clients to expand their instant payments capabilities."
Financial institutions and service providers will continue to
onboard throughout 2023 and beyond, helping the FedNow Service
build a strong instant payments infrastructure across the U.S. A
current list of live organizations can be found here, and a FedNow
Service launch video with contribution from BNY Mellon can be found
here.
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 $46.9
trillion in assets under custody and/or administration and
$1.9 trillion in assets under
management as of June 30, 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 the FedNow Service
The Federal Reserve Banks developed the FedNow Service to
facilitate nationwide reach of instant payment services by
financial institutions — regardless of size or geographic location
— around the clock, every day of the year. Through financial
institutions participating in the FedNow Service, businesses and
individuals can send and receive instant payments at any time of
day, and recipients have full access to funds immediately, giving
them greater flexibility to manage their money and make
time-sensitive payments. Access is provided through the Federal
Reserve's FedLine® network, which serves more than 10,000
financial institutions directly or through their agents. For more
information, visit FedNowExplorer.org (Off-site).
Contact:
Ryan Wells
ryanw@bnymellon.com
212-298-1249
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SOURCE BNY Mellon