BNY Mellon has partnered with cloud-based solution Verituity to launch Vaia, a new aggregated payment platform.
The service gives clients access to a wider range of digital payment options for their customers to use, including real-time payments. By using Vaia, BNY Mellon states that the time and resources needed to connect to payment rails will be reduced.
Vaia uses BNY Mellon’s Account Validation Services to verify payee details and validate accounts, reducing payment fraud risk, the company claims.
Verituity connects banks, payers and payees to first-time and on-time digital payouts. The company recently joined BNY Mellon’s Accelerator Programme, which collaborates with upcoming technology companies to work on solutions for new business challenges.
Vaia will be updated to cover new payment innovations as they emerge. The platform is currently only available to US clients, however cross-border payments are expected to be included in upcoming rollouts.
Jennifer Barker, CEO of treasury services at BNY Mellon, says: "End customers want greater choice in how they are paid, but with so many digital payment options emerging, businesses are struggling to stay up to date with, and connected to, the latest capabilities.
“Vaia does the heavy lifting to ensure that our clients' end customers always have access to the latest suite of digital payment options."
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