BNY to Manage U.S. Department of the Treasury's Largest Prepaid Debit Card Program for Federal Benefits - Direct Express®
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The Bank of New York Mellon Corporation (BNY) has been chosen by the U.S. Department of the Treasury's Bureau of the Fiscal Service to manage the Direct Express® prepaid debit card program. This 5-year agreement will start on January 3, 2025.
November 21, 2024 | 4:30 pm
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BNY Mellon has secured a 5-year contract with the U.S. Treasury to manage the Direct Express® prepaid debit card program, enhancing its role in federal financial services.
The selection of BNY Mellon as the financial agent for a major federal program is likely to positively impact its stock price. This contract enhances BNY's service offerings and strengthens its relationship with the U.S. government, potentially leading to increased revenue and prestige.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100