BNY Mellon Joins the FedNow® Service, Advancing U.S. Payment System
- BNY Mellon's participation in the FedNow Service demonstrates dedication to innovation and leadership in the industry.
- The firm's involvement in the pilot program and completion of client testing showcases its commitment to providing efficient solutions for clients.
- By offering instant payments as a Service Provider, BNY Mellon helps its clients remain competitive and expand their instant payments capabilities.
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Through the FedNow Service, BNY Mellon is positioned to expand the options for corporations, non-banking financial institutions (NBFIs) and fintechs to move funds instantly, offering choice for bill payments, payroll, instant account funding and more. By also participating in a Service Provider role, BNY Mellon will offer its financial institution clients access to instant payments, helping them remain competitive and offer best-in-class service for their customers.
"As an early adopter of the FedNow Service, BNY Mellon demonstrates dedication to innovation," said Ken
BNY Mellon began working with the FedNow pilot program when it began in January 2021. The firm was one of the early adopters that helped test and provide input on the service. It has also completed a multi-step client testing and certification program in the months leading up to launch.
"We are relentlessly focused on pushing the payments ecosystem forward by delivering new solutions and services for our clients that help support their business more efficiently," said Jennifer Barker, Global Head of Treasury Services, BNY Mellon. "By becoming a FedNow Service adopter, we are facilitating broader and deeper access to the financial industry, while creating greater opportunities for our clients to expand their instant payments capabilities."
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the
About BNY Mellon
Established in 1784, BNY Mellon is America's oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had
About the FedNow Service
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).
Contact:
Ryan Wells
ryanw@bnymellon.com
212-298-1249
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SOURCE BNY Mellon
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