BNY Mellon Chosen To Oversee US Treasury's Direct Express Program - What's On the Cards?

The Bank of New York Mellon Corporation BK shares are trading higher on Thursday.

The U.S. Department of the Treasury’s Bureau of the Fiscal Service has appointed BNY Mellon as the financial agent for the Direct Express prepaid debit card program.

This five-year agreement, which begins on January 3, will provide secure and easy access to federal benefit payments for approximately 3.4 million Americans.

BNY Mellon was selected after a comprehensive evaluation of proposals from multiple financial institutions.

The Treasury chose BNY Mellon for its wide range of customer service options that cater specifically to the unique needs of the Direct Express cardholders. These services include online and digital funds access, bill payment, cardless ATM access, omni-channel customer service through chat and text, and in-person authentication options.

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Additionally, the program will benefit from features such as contactless payment capabilities and emergency fund access.

Jennifer Barker, Global Head of Treasury Services at BNY Mellon, said, “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.”

Mastercard Incorporated MA will continue its role as the program’s payment network, a position it has held since Direct Express was launched in 2008.

Other providers involved in the program include Galileo Financial Technologies, MoCaFi, Senture, Sunrise Banks, and Ubiquity Global Services.

The expanded services and customer-focused enhancements will help elevate the experience for Direct Express cardholders, ensuring they have easy access to their federal benefits.

Price Action: BK shares are trading higher by 0.73% to $78.44 at last check Thursday.

Image: Shutterstock/ Geobor

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