Bank of New York Mellon, or BNY, has introduced a Pay-to-Wallet service that lets banks send cross-border payments from bank accounts to participating retail digital wallets. The service uses existing Swift payment messages and correspondent banking infrastructure rather than a separate payment rail. According to the item published by Techub and attributed to Finextra, the new function is designed to connect traditional payment networks with digital wallets. Its stated purpose is to broaden the available options for cross-border payments. The announcement focuses on the payment flow from bank accounts into retail wallets and highlights compatibility with infrastructure banks already use for international transfers. No additional rollout details, markets, or partner names were disclosed in the source text.
BNY has launched a Pay-to-Wallet service that allows banks to initiate cross-border payments from bank accounts to participating retail digital wallets.
The service uses existing Swift payment messages and correspondent banking infrastructure. It is intended to link traditional payment networks with digital wallets and expand cross-border payment options.
The item was published by Techub and attributed to Finextra.
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