The American bank BNY Mellon has established cooperation with Trustly in order to launch an open banking service, through which organizations will be able to carry out payment transactions of consumers directly from their accounts opened in financial institutions.

The new service is called Bankify. Within the framework of this project, the experience of a financial institution in the field of transactional payments is combined with the capabilities of Trustly open banking services.

With the new service, the bank’s customers will be able to offer end users to make payments directly from accounts opened with lenders, as a solution that is an alternative to credit or debit cards and third-party financial platforms.

The financial institution states that the new offer has been developed taking into account all payment flows from the consumer to the business, which includes transactions to sellers and payment of bills or replenishment of the account and digital wallet.

Jennifer Barker, global head of treasury services at BNY Mellon, said that the Bankify account linking system and settlement guarantees are powerful tools that help managers and bottom lines. These tools are a profitable solution for sellers who seek to increase cost efficiency, billers involved in the process of modernization of the banking data exchange system with customers, brokerage firms interested in obtaining a guaranteed settlement, and consumers of a number of other groups.

Jennifer Barker says that the new service is a leader in the payment industry both in terms of the depth of solutions and in terms of the variety of organizations that it can support.

Alexander Gonthier, founder, and CEO of Trustly, stated that the cooperation arose on the basis of a common desire to develop the field of payment financial services and a focus on creating a new open banking standard that is an alternative to traditional mechanisms.

As we have reported earlier, JPMorgan Reportedly Considers Using Blockchain for Cross-Border Payments.