NEW YORK, Dec. 11, 2017 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, announced today that its Treasury Services business has launched a new service, called "BNY Mellon Tokenized Payments® – now available with Zelle®". The service will allow BNY Mellon's corporate and institutional clients to accelerate the transition from paper to electronic payments.
The new service uses a consumer's electronic token (an email address or mobile number) to send money quickly from a corporate account to a consumer. This allows BNY Mellon's Treasury Services clients to make payments electronically to almost any payee with a bank account in the U.S., typically within minutes if the recipient is enrolled with Zelle, or next day.
The Tokenized Payments service eliminates the need for clients to store or process payees' bank account information, and provides a fast, secure, convenient and digital consumer experience. It also eliminates the cost and hassle associated with physical checks and traditional payment options, which take longer and cost more to process.
"Our new Tokenized Payments service demonstrates BNY Mellon's power of fast payments," said Karen Braithwaite, Head of Global Product Management for BNY Mellon's Treasury Services business. "As compared to paper checks, Tokenized Payments will give clients access to the speed and cost efficiency of fast payments while simultaneously strengthening information security, reducing risk and improving the experience of clients and their consumers alike."
With Tokenized Payments, clients can choose from multiple input channels to instruct BNY Mellon to make a payment that includes the payee's email address or mobile number and payment details without needing to collect, store, and maintain payee banking account information. This approach lowers end-to-end cost while improving transparency and timeliness of payments.
"Treasury customers are looking for digital payment solutions that move money to consumers faster, and safer, than physically mailing checks," said Lou Anne Alexander, Group President Payments at Early Warning Services. "By powering its corporate disbursements solution with Zelle, BNY Mellon eliminates the hassle of obtaining a payee's banking information, and reduces overall processing costs, which creates an easier experience for moving money for clients and consumers."
Brought to you by Early Warning, 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 nearly anyone with a U.S. bank account. 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
With locations on six continents and an extensive 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 optimize 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 Fed funds transfer networks. 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 Sept. 30, 2017, BNY Mellon had $32.2 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.
SOURCE BNY Mellon