New capability will enable U.S. banks to utilize BNY Mellon to offer Disbursements with Zelle to corporate banking clients
NEW YORK, Sept. 27, 2018 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, announced today that it has signed a reseller agreement with Early Warning Services, the network operator of the Zelle Network®. BNY Mellon is the first bank to resell tokenized payment capabilities to its own financial institution clients, thereby continuing its role as an industry innovator in payments.
Tokenized Payments solutions, such as Zelle, eliminate the need for clients 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.
Corporate banking customers have increasingly demanded access to tokenized solutions to reduce issues with cost, speed, and the overall payments experience. With BNY Mellon, banks can more quickly deliver the value of Zelle to their corporate banking customers and with less investment than developing their own solution.
"This new reseller agreement is part of our strategy to help accelerate payment innovation by lowering the barriers for banks to deliver it," 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."
The reseller offering will allow BNY Mellon's financial institution clients to help businesses make payments to consumers in a wide range of disbursements scenarios, including rebates, refunds, claims, account distributions, expense reimbursements, and payroll. As a result, each bank's corporate banking clients attain the benefits of lower end-to-end cost and improved transparency and timeliness of payments, reinforcing the value of their relationship with their bank.
Brought to you by Early Warning Services, LLC, 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 friends and family with a bank account in the U.S. 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
BNY Mellon Treasury Services offers its clients solutions in global payments, trade services, cash management, and foreign exchange. It operates in 36 countries, helping clients optimize cash flow, manage liquidity, and make payments more efficiently in the currencies of more than 160 countries. Its services help organizations conduct payment operations, ensure adequate liquidity, and manage risk.
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 March 31, 2018, BNY Mellon had $33.5 trillion in assets under custody and/or administration, and $1.9 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.
SOURCE BNY Mellon