NEW
YORK, Nov. 21, 2024 /PRNewswire/ -- The Bank of
New York Mellon Corporation ("BNY") (NYSE: BK), a global financial
services company, has been selected by the U.S. Department of the
Treasury's Bureau of the Fiscal Service ("Fiscal Service") as the
financial agent for the Direct Express® prepaid debit card program.
The 5-year agreement begins on January 3,
2025.
The Direct Express® prepaid debit card provides secure, easy
access to federal benefit payments for approximately 3.4 million
Americans1. After evaluating proposals from
multiple financial institutions, Fiscal Service selected BNY due to
the expansive suite of customer service options that will better
target Treasury's unique customer base and enhance the cardholder
experience to include: online/digital funds access, bill pay,
cardless ATM access, chat and text (omni-channel) customer service,
online dispute filing, in-person authentication options, and
more.
With a strong focus on customer experience and an expansive
suite of services tailored to the program's customer base, BNY will
further advance electronic payments, including contactless
capabilities, money movement, bill pay, emergency access to funds,
and more.
"We're honored to be appointed as the financial agent for the
Direct Express program, a decision which speaks to BNY's legacy
serving clients and communities throughout the financial
ecosystem," said Jennifer Barker,
Global Head of Treasury Services and Depositary Receipts, BNY.
"Drawing on our leading platform capabilities, we look forward to
advancing the program's goal of providing high-quality financial
services to individuals and communities throughout the U.S."
Mastercard® will serve as the program's payment network, a role
it has played since Direct Express®' inception in 2008. Additional
providers include Galileo Financial Technologies, LLC ("Galileo"),
Mobility Capital Finance, Inc. ("MoCaFi"), Senture LLC ("Senture"),
Sunrise Banks, N.A. ("Sunrise"), and Ubiquity Global Services, Inc.
("Ubiquity").
Media Contacts
Anneliese Diedrichs
Anneliese.diedrichs@bny.com
+44 7930 135 524
About BNY
BNY is a global financial services company that helps make money
work for the world – managing it, moving it and keeping it safe.
For 240 years BNY has partnered alongside clients, putting its
expertise and platforms to work to help them achieve their
ambitions. Today BNY helps over 90% of Fortune 100 companies and
nearly all the top 100 banks globally to access the money they
need. BNY supports governments in funding local projects and works
with over 90% of the top 100 pension plans to safeguard investments
for millions of individuals, and so much more. As of September 30, 2024, BNY oversees $52.1 trillion in assets under custody and/or
administration and $2.1 trillion in
assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK). Headquartered in New York City, BNY employs over
50,000 people globally and has been named among Fortune's World's
Most Admired Companies and Fast Company's Best Workplaces for
Innovators. Additional information is available on
www.bny.com. Follow on LinkedIn or visit the BNY
Newsroom for the latest company news.
1 Source: Direct Express Program,
URL: https://www.usdirectexpress.com/
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SOURCE BNY
