Provider profile · 2026 edition
BNY review 2026: scores, fees and alternatives.
A US custody and payments bank with a London branch and a Belgian bank.
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A US custody and payments bank with a London branch and a Belgian bank.
BNY scores 1.9 out of 5 (39 out of 100) in the Buckingham Intelligence Safeguarding Banks Index 2026 and ranks 13 of 14. It is strongest for large EMIs investing safeguarded cash in money market funds, and its best criterion is products at 3 out of 5. Not published or not stated on the pages read: legal status, who it serves, products, pricing, technology, protection and scale and published pricing.
Scores from the Safeguarding Banks Index 2026.
No award in the Safeguarding Banks Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For E-money institutions | 41 | 13 of 14 |
| For payment institutions | 41 | 13 of 14 |
| For firms applying for a licence | 36 | 13 of 14 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
Large EMIs investing safeguarded cash in money market funds.
What BNY publishes on its own pages, read on 21 October 2026.
A US custody and payments bank with a London branch and a Belgian bank. Its CASS 15 guide states it offers safeguarding accounts to EMIs and payment service providers through its LiquidityDirect platform, so safeguarded cash can be placed in government and treasury-only money market funds, with automated safeguarding reporting. It publishes no eligibility criteria, prices, timeline or API details for these accounts.
| Fact | What the provider publishes |
|---|---|
| Legal status | "The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York" is "authorized by the Prudential Regulation Authority ("PRA") (Firm Reference Number: 122467)"; its London branch "is subject to regulation by the Financial Conduct Authority ("FCA") and limited regulation by the PRA." "The Bank of New York Mellon SA/NV" is "authorized and regulated as a significant credit institution by the European Central Bank". The entity that opens safeguarding accounts is not stated. |
| Who it serves | Written for firms under CASS 15, "payment service providers, including electronic money institutions (EMIs) and authorised payments institutions (APIs)"; BNY's network is described as "helping EMIs and PSPs support global payment flows". No eligibility criteria, minimums or countries published. |
| Products | "clients can allocate safeguarded cash to government and treasury-only MMFs through safeguarding accounts offered by BNY" via LiquidityDirect; "USD clearing and correspondent banking network"; FX. Operating accounts and UK or euro scheme access for these firms not stated. |
| Pricing | Not published. Money market fund yields "will vary depending on market conditions and fund composition and are not guaranteed." |
| Onboarding | "LiquidityDirect also supports a single onboarding and KYC process with automated execution and settlement". No timeline or document list. |
| Technology | "The platform's automated reporting also streamlines delivery of key Treasury and safeguarding reports"; "the audit trail and reporting needed for reconciliations, monthly returns and resolution pack maintenance". API and real-time balances not stated. |
| Protection and scale | Case study: BNY "acts as a safeguarding bank for some regulated entities within the group" of AstroPay. Deposit protection and fintech client numbers not stated. |
| Date read | 21 October 2026 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
Facts read on 21 October 2026 from: bny.com/corporate/global/en/insights/…, bny.com/assets/corporate/documents/pdf/….
Each score with the evidence behind it.
Each criterion is scored 0 to 5 against the best published offer in the Safeguarding Banks Index. 0 means not offered or not published. How it is scored
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| ClearBank | 4.2 | 1 of 14 | EMIs and PIs needing direct UK and EU scheme access |
| European Merchant Bank | 3.8 | 2 of 14 | EU EMIs wanting a published safeguarding tariff |
| Mano Bank | 3.8 | 3 of 14 | EU EMIs and PIs wanting fixed published safeguarding fees |
| Memo Bank | 3.6 | 4 of 14 | EU firms wanting interest on safeguarded euros |
| Magnetiq Bank | 3.5 | 5 of 14 | EEA EMIs and PIs still in the licensing queue |
| Banking Circle | 3.5 | 6 of 14 | Multi-currency safeguarding across the UK and EEA |
| Bank of London | 3.5 | 7 of 14 | Firms opening accounts during authorisation |
| Griffin | 3.2 | 8 of 14 | Dedicated per-customer safeguarding accounts |
| LHV Bank | 3.0 | 9 of 14 | GBP and EUR safeguarding with agency banking |
| Starling Banking Services | 2.8 | 10 of 14 | UK payment firms wanting their own sort code |
| Solaris | 2.2 | 11 of 14 | A second safeguarding account for licensed EMIs and PIs |
| CaixaBank | 2.1 | 12 of 14 | Payment firms licensed or passported into Spain |
| Sutor Bank | 1.9 | 14 of 14 | Digital e-money and payment firms using banking as a service |
Side by side on every criterion, fact and award.
Head-to-head comparisons cover pairs within the top five of each ranking. BNY is compared with its alternatives in the table above.
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