September 28, 2026 – New York, NY – BNY (NYSE: BNY), a global financial services company, today 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.
Media Contact:
James Ihn
+1 201.450.1361
James.Ihn@bny.com
About BNY
BNY is a global financial services platforms company at the heart of the world's capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. 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. As of June 30, 2026, BNY oversees $62.6 trillion in assets under custody and/or administration and $2.2 trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BNY). Headquartered in New York City, BNY 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.