The Bank of New York Mellon Corporation has been selected by the U.S. Department of the Treasury's Bureau of the Fiscal Service as the financial agent for the Direct Express® prepaid debit card program. This significant 5-year agreement is set to commence on January 3, 2025.
The Direct Express® program provides secure and accessible federal benefit payments to approximately 3.4 million Americans. BNY Mellon was chosen after a comprehensive evaluation, based on its expansive suite of customer service options tailored to the program's unique customer base, including online funds access, bill pay, and omni-channel customer service.
This major customer win is expected to provide BNY Mellon with access to over $3 billion in deposits monthly, significantly bolstering its Treasury Services segment. Jennifer Barker, Global Head of Treasury Services and Depositary Receipts at BNY Mellon, stated that this appointment speaks to BNY Mellon's legacy of serving clients and communities throughout the financial ecosystem.
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