BNY Mellon Joins The FedNow Service, Advancing U.S. Payment System
Portfolio Pulse from Happy Mohamed
BNY Mellon (NYSE:BK) has announced its live participation in the Federal Reserve's new instant payment rail, the FedNow Service. This makes BNY Mellon one of the first banks to send and receive payments from participating institutions and support payment activity through settlement or liquidity services. The bank's early adoption of the service is expected to expand options for corporations, non-banking financial institutions, and fintechs to move funds instantly.
July 20, 2023 | 3:52 pm
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BNY Mellon's participation in the FedNow Service could enhance its competitive position by offering instant payment services to its clients. This could potentially attract more clients and increase transaction volumes.
BNY Mellon's early adoption of the FedNow Service positions it as a leader in the banking industry, potentially attracting more clients who are seeking instant payment services. This could lead to increased transaction volumes and revenues for the bank.
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IMPORTANCE 75
RELEVANCE 100