BNY Mellon Launches New Payment Platform Vaia for Payee-Choice Disbursements
BNY Mellon has launched Vaia, a new digital payment platform designed for US institutions, providing a variety of payment options including real-time payments via RTP®, Same-Day ACH, Tokenized Payments with Zelle®, and debit cards, all integrated into a client-branded interface.
Vaia aims to simplify disbursement processes and reduce the time for businesses to connect with various payment methods. The platform utilizes Account Validation Services to enhance security against payment fraud. Future plans include extending its capabilities for cross-border payments.
- Launch of Vaia enhances digital payment options for US institutions.
- Integration of multiple payment solutions simplifies disbursement processes.
- Collaboration with Verituity strengthens platform offering and security.
- Plans for future cross-border payment capabilities expand market potential.
- Current availability limited to US clients, restricting immediate market reach.
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NEW YORK, Oct. 24, 2022 /PRNewswire/ -- BNY Mellon today launched Vaia, its new aggregated payment platform that gives US-based institutions access to the latest digital payment options for disbursements.
Through a single integration with BNY Mellon, institutions can now provide their payees with access to Vaia's wide range of payment choices – including real-time payments via RTP®, Same-Day ACH, Tokenized Payments with Zelle®, and debit cards – all on a client-branded front end. This could significantly reduce the time and resources needed for businesses to connect with all available payment rails.
"End customers want greater choice in how they are paid, but with so many digital payment options emerging, businesses are struggling to stay up to date with, and connected to, the latest capabilities," says Jennifer Barker, CEO of Treasury Services at BNY Mellon. "Vaia does the heavy lifting to ensure that our clients' end customers always have access to the latest suite of digital payment options."
The new platform was built in collaboration with Verituity, a cloud-based solution that connects banks, payers, and payees to first-time and on-time digital payouts. Earlier this year, BNY Mellon announced that Verituity had joined its Accelerator Program, which fosters collaboration with the best developing technology companies to create next-generation solutions for emerging business challenges.
Vaia leverages BNY Mellon's Account Validation Services to verify payee identities and validate accounts end-to-end, helping to mitigate payment fraud and deliver a safe and efficient payment process. Going forward, Vaia will also continue to add the latest payment innovations to its portfolio of solutions, ensuring that clients and their payees have access to the most up-to-date digital payment options.
Vaia is currently available to BNY Mellon clients in the US, with plans to support cross-border payments in future roll-out phases.
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 and wealth management and investment services in 35 countries. As of Sept. 30, 2022, BNY Mellon had
RTP is a registered service mark of The Clearing House Payments Company L.L.C.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Contact:
Nina Truman
nina.truman@bnymellon.com
+1 646 541 6713
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SOURCE BNY Mellon
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