BNY Mellon this week said it will expand its treasury services group's electronic billing and payment processing services to include notifications via SMS text messaging to clients' mobile devices.
The new texting feature will be incorporated into the global financial services firm's ClearTran Electronic Payment Acceptance service.
"Operating efficiency, convenience and the environmental benefits of paperless billing are combining to make electronic billing increasingly attractive for our clients," Susan Skerritt, executive vice president and head of business strategy and market solutions for BNY Mellon Treasury Services, said in a statement. "ClearTran has positioned us as a leader in supporting that transformation, first via desktop PC, and now mobile devices. The ability to provide notifications, and eventually even approvals, via SMS text messaging adds an important new dimension to our bill presentment and payment processing solutions."
BNY Mellon processes more than $1.7 trillion in payments transactions on a daily basis and is a top-five participant in both the CHIPS and overall funds transfer markets.
BNY Mellon has more than $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management and services $11.8 trillion in outstanding debt and processes global payments.