BNY + MOCAFI®
A digital disbursement option designed to enable financial inclusion
Disburse funds to your unbanked payees quickly and efficiently
Help your unbanked and underbanked payees to receive funds with our MoCaFi (Mobility Capital Finance Inc.) digital payment option. The new disbursement service offered through BNY's Vaia® platform, allows our government, higher ed and corporate clients to seamlessly distribute payments and disbursements, such as disaster relief, financial aid and employee payroll, to individuals without full access to financial services.
With a mission to lay the financial groundwork to help close America’s wealth gap, our service can offer:
BASIC BANKING SERVICES
featuring a prepaid debit card provided to unbanked and underbanked individuals through the MoCaFi platform.
VITAL CASH INJECTIONS
that reach the communities where they are needed most, timely and effectively, and extend support to many more in need.
EASY ACCESS
through the BNY Vaia platform by creating a more seamless experience for corporations and municipalities to access digital payments options.
Doing good business – together.
Listen as Global Head of Treasury Services Jennifer Barker and MoCaFi Founder and CEO Wole Coaxum, discuss why getting more dollars to the people who need it makes good business sense.
"Access to modern banking services is one of the best approaches to making our economy more inclusive, and by working with BNY we are helping to provide opportunities to as many people as possible. "
— Wole Coaxum, CEO and Founder of MoCaFi
Webinar: Leveraging verified, digital payments with the power of payee choice
Industry players are working together to meet market needs by helping organizations quickly modernize their current payment systems to accommodate secure payouts and a wide array of payment options. In this webinar, presenters explored how BNY’s Vaia solution enables organizations to send secure digital payments through multiple rails to various payees, including the unbanked and underbanked populations in the U.S. through MoCaFi.
Available through BNY Vaia
Through a single integration, Vaia gives payees instant access to a wide variety of the latest digital payment rails, letting them choose how they want to be paid – quickly and securely.
Real-time payments and financial inclusion
The impact of real-time payments varies significantly across the U.S., where large communities of unbanked or underbanked individuals are not uncommon. Speaking to Aerial View, MoCaFi’s Wole Coaxum explains that if the full benefits of real-time payments can be realized for all Americans, trillions of dollars in GDP could be unlocked.
The MoCaFi Bank Account and the MoCaFi Debit Mastercard are issued by Sunrise Banks N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card may be used everywhere Debit Mastercard is accepted. Use of this card constitutes acceptance of the terms and conditions stated in the Account Agreement. The MoCaFi Bank Account is marketed and administered by MoCaFi. MoCaFi is a financial technology company and not a bank. Banking services are provided by Sunrise Banks N.A. Your funds are FDIC insured up to $250,000 through Sunrise Banks, N.A., Members FDIC.
Rental Payment Reporting is not Sunrise Banks N.A. products, nor does Sunrise Banks N.A. endorse this feature.