BNY unveils Pay-to-Wallet technology option for banks
70 pts · High·Finextra Payments·4w ago · Sep 28, 14:19 UTC·1 min read
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BNY has introduced a Pay-to-Wallet capability that enables banks to facilitate cross-border payments directly from bank accounts to retail digital wallets. This solution leverages existing Swift payment messages and correspondent banking infrastructure, streamlining the process for bank customers engaging in international transactions.
Key takeaways
- ▸The Pay-to-Wallet capability simplifies cross-border transactions for bank customers.
- ▸BNY's solution utilizes existing Swift payment infrastructure, enhancing compatibility and ease of integration.
- ▸Participating retail digital wallets will benefit from increased funding options through bank accounts.
Why this matters
The introduction of Pay-to-Wallet technology may significantly change how banks offer cross-border payment solutions, fostering competition in the digital wallet space and potentially driving user adoption among consumers preferring direct wallet funding options over traditional methods. This could pose challenges to existing remittance services that may not have the same ease of integration.
Entities
Companies: BNY
Products: Pay-to-Wallet
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