New service enhances payment efficiency, mitigates information management risk; Utilization of Early Warning's clearXchangeSM network facilitates payments using recipients' mobile numbers or email addresses
New York and Scottsdale, Ariz., June 21, 2016 — BNY Mellon, a global leader in investment management and investment services, today announced that BNY Mellon's Treasury Services business will provide clients with a new Tokenized PaymentsSM service. The new solution will enable clients to easily make real-time and next-day payments to consumers using only the consumer’s email address or mobile number. Leveraging Early Warning's clearXchange network, the solution eliminates the need for clients to store or process payees' bank account information, and provides a secure, convenient experience for consumers.
Tokenized Payments will provide clients with a simple, efficient and secure solution that eliminates the cost and hassle associated with physical checks. To provide the service, BNY Mellon will leverage clearXchange’s network and real-time messaging capabilities to facilitate payments to other financial institutions, enabling clients to send payments directly to any payee with a bank account in the U.S.
“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," said Tony Brady, managing director and global head of Business Strategy & Market Solutions for BNY Mellon's Treasury Services business. "Tokenized Payments will give clients access to the increased speed and cost efficiency benefits of faster payments while simultaneously strengthening cyber and information security."
With Tokenized Payments, clients will send a payment request file to BNY Mellon that includes payees' email address or mobile number, the payment amount and up to 200 characters of remittance data. Payees already registered with clearXchange will receive an email or text notification that a payment has been originated and will be posted to their bank account. Recipients who are not yet registered with clearXchange will receive notification of payment and instructions on how to complete the simple, one-time registration. Clients have the option to send payments next-day or in real-time, the latter providing the payee with immediate access to funds.
The solution is available across various industries for one-time or recurring payments to consumers, including insurance claims, account refunds, rebates, human resource reimbursements and more. Clients utilizing the solution can expect increased satisfaction, reduced customer inquiries and reduction in costs associated with physical checks.
"We're excited to work with BNY Mellon on this critical part of Early Warning’s faster payments initiative," said Lou Anne Alexander, group president of payments, Early Warning. "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.”
About Early Warning
Early Warning is creating the future of payments by delivering innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in financial technology that protects and advances the global financial system. Learn more at http://www.earlywarning.com/.
About BNY Mellon
With locations on six continents and an extensive global 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 optimise 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 overall funds transfer markets. 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 March 31, 2016, BNY Mellon had $29.1 trillion in assets under custody and/or administration, and $1.6 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.