BNY Mellon and Bank of the West Announce Real-time Payments Solution for Commercial Clients
BNY Mellon and Bank of the West have announced an agreement where BNY Mellon will provide Bank of the West with extended capabilities to help deliver faster payments solutions for its commercial clients through connectivity to RTP and Disbursements with Zelle.
RTP allows businesses and consumers to send and receive funds and messages in real-time at any time, directly from their existing bank accounts. Tokenised payments solutions eliminate the need for banks to store or process payees’ bank account information, and provide a fast, secure, convenient and digital experience.
Bank of the West plans to offer account and alias (email or mobile number) based RTP services for its commercial banking clients by leveraging BNY Mellon’s immediate payments product suite. As an Owner Bank of The Clearing House (TCH), Bank of the West is committed to launching RTP by next year. The bank is also an existing Zelle participant providing its retail clients value-added peer-to-peer services. Through this partnership, Bank of the West will now extend Zelle capabilities to its commercial clients offering them a method for business to consumer disbursements.