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The update for Pokémon Bank to work with Pokémon Sun and Pokémon Moon became available on January 24th, 2017 on the Nintendo eShop. Users of the service can receive the Z-Crystal Mewnium Z for Mew.

A Special Item for Pokémon Bank Subscribers

Pokémon Bank has been updated! And right now, all Pokémon Bank users can receive a Z-Crystal for Mew.

Pokémon Bank has undergone major updates and now works with Pokémon Sun and Pokémon Moon, making it easy to transfer Pokémon from multiple copies of Pokémon Sun and Pokémon Moon—including the downloadable versions—to a single game! You can also use it to transfer Pokémon you've caught in the Nintendo 3DS Virtual Console versions of Pokémon Red, Pokémon Blue, and Pokémon Yellow into your Pokémon Sun or Pokémon Moon game. Pokémon from Pokémon Omega Ruby, Pokémon Alpha Sapphire, Pokémon X, and Pokémon Y can also be brought into Pokémon Sun and Pokémon Moon in the same way.

To celebrate this update, all Pokémon Bank subscribers can get a Mewnium Z, the Z-Crystal that only Mew can use. When you launch the new Pokémon Bank and receive the gift, a new Wonder Card will appear in your Pokémon Sun or Pokémon Moon game. You can use the Mystery Gift function to claim your Mewnium Z.

Note that this gift is for Pokémon Sun and Pokémon Moon players only. It is not available in Pokémon X, Pokémon Y, Pokémon Omega Ruby, or Pokémon Alpha Sapphire. Also, you can get only one Mewnium Z, even if you use Pokémon Bank with multiple Pokémon Sun and Pokémon Moon games. If you have Pokémon Bank, be sure to use the service by October 2, 2017, to get your Mewnium Z.

Source: http://www.pokemon.com/us/pokemon-news/a-special-item-for-pokemon-bank-subscribers/