Vaia, the new aggregated payments platform from US multinational BNY Mellon, has been launched to provide domestic firms with the most current digital payment options for disbursements.
The new platform, which was built through a collaboration with Verituity, a cloud-based solution that connects banks, payers and payees to first-time and on-time digital payouts, seeks to reduce the time and resources needed for businesses to connect with various payment rails.
Through a single integration with BNY Mellon, US-based institutions can now provide their payees with access to Vaia’s various payment options, which include real-time payments (RTP), same-day ACH, tokenised payments with Zelle, and debit cards.
The platform also deploys the investment company’s account validation services to verify payee identities and validate accounts end-to-end, helping to mitigate the rising number of payment fraud cases worldwide.
Speaking on the platform’s launch, BNY Mellon’s CEO of treasury services, Jennifer Barker, explains how “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.”
Barker adds that the launch ensures that its clients’ end customers “always have access to the latest suite of digital payment options.”
Vaia is currently available to BNY Mellon clients in the US, with plans to support cross-border payments in future roll-out phases.