The Bank of New York Mellon Corporation and Robinhood beat out a host of competitors to launch Trump Accounts this summer, the Treasury Department said on Monday.
BNY will manage the accounts and develop a Treasury-branded app while partnering with Robinhood, which will serve as brokerage.
Other firms’ involvement with the launch will be limited to rolling over the accounts to their platforms, a Treasury spokesperson confirmed to Semafor. Those firms are hopeful that guidance will arrive in time for them to implement it by the July 4 rollout, so their customers can choose then whether to stay or use the Treasury app.
“Ease of use is key for maximizing enrollment and participation,” Chime Vice President of Government and Public Affairs Jeff Stoltzfoos told Semafor.