BNY Mellon | Pershing Speeds Investors’ Transfers with Real-Time Payments

BNY Mellon | Pershing is adding real-time payments (RTP) to its investor portal.

The integration of RTP into the NetXInvestor platform will enable broker-dealers, registered investment advisor firms and consumers to make real-time transfers as they manage portfolios, BNY Mellon | Pershing said in a Wednesday (Jan. 18) press release.

“Automation and efficiency are high priorities for investment professionals and consumers, so we are continually innovating and adding to our suite of digital payables and receivables functions for NetXInvestor, like this BNY Mellon-developed RTP technology,” BNY Mellon | Pershing Chief Information Officer Ram Nagappan said in the release.

As PYMNTS reported in September, quick and accurate payments are critical in the modern economy for both consumers and businesses.

A Citizens Commercial Banking survey found that real-time payments capability was the second most important determining factor when businesses chose their banking partners. A full 81% of businesses said that real-time payments will dramatically transform the way they conduct their day-to-day operations, and 66% said they expect that real-time payments will eventually supplant paper checks and cash entirely, according to the survey.

These quick transactions are also popular among consumers, with 30% listing real-time payments as an important factor when picking a financial institution, according to the “Real-Time Payments Tracker®,” a PYMNTS and The Clearing House collaboration.

The future promises significant growth for real-time payments both in the United States and around the world. While 1.8 billion real-time transactions took place in the U.S. in 2022, real-time transaction volume is expected to hit 8.9 billion in 2026.

By enabling real-time deposits and withdrawals, RTP will give broker-dealers and investors using the NetXInvestor platform on-demand access to irrevocable and secure funds, subject to funds availability, BNY Mellon | Pershing said in the press release.

“We’ve seen incredible progress in client satisfaction since the launch of Real-Time Payments, plus it helps protect the environment by reducing the negative impacts of paper-based processes,” BNY Mellon Co-Head of Global Payments and Treasury Services Carl Slabicki said in the release. “This new application allows BNY Mellon to bring easy and accelerated money transfers to more of our clients and their investors.”