The solution will enable clients to make real-time and next-day payments to consumers using only the consumer’s email address or mobile number. Leveraging Early Warnings clearXchange network, the solution eliminates the need for clients to store or process payees bank account information, and provides a secure experience for consumers.
With Tokenized Payments, customers will send a payment request file to BNY Mellon that includes payees email address or mobile number, the payment amount and up to 200 characters of remittance data. BNY Mellon enables clients to send payments directly to any payee with a bank account in the US.
Payees already registered with clearXchange will receive an email or text notification that a payment has been originated and will be posted to their bank account. Recipients who are not yet registered with clearXchange will receive notification of payment and instructions on how to complete the one-time registration.
The solution is available across various industries for one-time or recurring payments to consumers, including insurance claims, account refunds, rebates, human resource reimbursements and more.
BNY Mellon is a US-based worldwide banking and financial services company which offers services for each stage of investment, from creation through to trading, holding, management, distribution and restructuring.
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