BNY Mellon to manage U.S. Department of the Treasury’s Direct Express

The Bank of New York Mellon Corporation (BK) announced it 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. The 5-year agreement begins on January 3, 2025. “After evaluating proposals from multiple financial institutions, Fiscal Service selected BNY due to the expansive suite of customer service options that will better target Treasury’s unique customer base and enhance the cardholder experience to include: online/digital funds access, bill pay, cardless ATM access, chat and text customer service, online dispute filing, in-person authentication options, and more. With a strong focus on customer experience and an expansive suite of services tailored to the program’s customer base, BNY will further advance electronic payments, including contactless capabilities, money movement, bill pay, emergency access to funds, and more,” the company stated. Mastercard (MA) will serve as the program’s payment network, a role it has played since Direct Express’ inception in 2008, BNY added.