SYDNEY, Oct. 22, 2018 /PRNewswire/ -- BNY Mellon and Bank of the West announced agreement today where BNY Mellon is providing Bank of the West extended capabilities to help deliver faster payments solutions for its commercial clients through connectivity to RTP® and Disbursements with Zelle®.
"This reseller agreement is part of our strategy to help banks accelerate payment innovation," said Tony Brady, Digital Platform Officer (DPO) for BNY Mellon's Treasury Services business. "In turn, banks can 'pay it forward' to their clients. It's part of the responsibility we take on as a leader in modernizing the global payment ecosystem."
BNY Mellon is a leading provider of faster payments solutions for U.S. banks, including through connectivity to both RTP® and Disbursements with Zelle®. In November 2017, BNY Mellon was the first bank to go live on RTP®, and in 2018, became the first reseller of Disbursements with Zelle®. RTP® allows consumers and businesses to send and receive funds and messages in real time, 24/7/365, directly from their existing bank accounts. Tokenized Payments solutions, such as Zelle, eliminate the need for banks to store or process payees' bank account information, and provide a fast, secure, convenient and digital consumer experience. They also eliminate the cost and hassle associated with physical checks and traditional payment options, which take longer and cost more to process.
"Real Time Payments is an exciting industry initiative that we believe will play a key role in our commercial clients' payment strategy," says Eileen Dignen, EVP, Head of Cash Management and Commercial Card at Bank of the West. "Efficiency and speed of payments is critical in the global corporate environment and Bank of the West is pleased to increase our capabilities through this agreement."
Bank of the West plans to offer Account and Alias (email or mobile number) based RTP services for its commercial banking clients by leveraging BNY Mellon's immediate payments product suite. For Bank of the West, this collaboration enables the bank to maintain its competitive edge, demonstrate its commitment to innovation and position the bank to bring faster RTP to the market. As an Owner Bank of The Clearing House (TCH), Bank of the West is committed to launching RTP by next year. The bank is also an existing Zelle participant providing its retail clients value-added peer-to-peer services. Through this partnership, Bank of the West will now extend Zelle capabilities to its commercial clients offering them a convenient method for business to consumer disbursements.
BNY Mellon is an Owner Bank of The Clearing House and a direct participant in this new network. It works with participating industry partners to drive the standards, best practices and guidelines for this new network to ensure that all participants have a consistent, efficient and streamlined experience. A collective goal of the network is to grow adoption of RTP® which is intended to be a ubiquitous network for all U.S. financial institutions. Concluded Brady, "Our engagement with Bank of the West is a great step forward towards achieving market ubiquity."
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About BNY Mellon
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. As of September 30, 2018, BNY Mellon had $34.5 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.
About Bank of the West
The fundamental belief that a bank should have a positive impact on society drives Bank of the West. At a time when people demand more from companies, we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. That's why we are investing where we can have a real impact: supporting energy transition, helping enable female entrepreneurs and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas, which is one of the only financial organizations in the world to adopt the UN Sustainable Development Goals. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.
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