BNY enables Pay-to-Wallet solution, helping banks to send cross-border payments to retail digital wallets
BNY, a global financial services company, announced the enablement of a Pay-to-Wallet capability, making it possible for banks to send cross-border payments from bank accounts to participating retail digital wallets, using existing SWIFT payment messages and correspondent banking infrastructure.
BNY’s enablement of a Pay-to-Wallet solution combines its global payments capabilities, including its USD clearing network and 24/7/365 processing capabilities, to support cross-border bank-to-wallet payments across approved markets and corridors. The capability provides banks with tools to meet growing client demand for Pay-to-Wallet services without having to build their own technology infrastructure and reducing implementation complexity and time-to-market concerns.
“Digital wallets are becoming central to the cross-border payments landscape particularly in wallet-led markets across Asia Pacific and other high-growth corridors,” said Fabian Khoshbakht, Head of Global Payments & Trade, APAC at BNY. “To meet this growing demand, banks need capabilities they can deploy without having to build layers of integration with wallet providers. BNY’s enablement of a Pay-to-Wallet capability provides a practical and scalable way to support payments from bank accounts to participating digital wallets through trusted existing infrastructure, making it faster and easier for participating banks to access digital wallet payment flows.”
Banks across Asia Pacific, including Kookmin Bank in South Korea, are among the initial users of this Pay-to-Wallet capability.
“We see growing demand from our clients for payment options that better reflect how recipients want to receive funds,” said Raphael Baik, Head of Division, Foreign Exchange Business at KB Kookmin Bank. “A Pay-to-Wallet capability can help us broaden access to digital wallet payments in a more efficient way.”
In Asia Pacific, retail digital wallets already account for 50% of point-of-sale transactions and are projected to exceed 60% by 2027, underscoring the growing importance of wallet connectivity in the payments ecosystem.
“We see strong potential for Pay-to-Wallet capabilities to support the continued modernization of cross-border payments and expand customer choice,” said Cynthia Hsu, Head of Wholesale Banking Product Division at Taishin Bank. “This is an exciting opportunity for us to collaborate with BNY and its global network to see how we can further meet customer needs.”
The Pay-to-Wallet capability will be enabled with selected participants in Asia Pacific, with plans to expand globally over time.
