US Bank has teamed up with payment service providers Zelle and Supplier Prefer Pay to offer two disbursement solutions for businesses. This marks Zelle's move from the peer-to-peer (P2P) payments space to the corporate payments market. US Bank's business customers will now be able to use Zelle's network, which enables companies to send electronic payments to individuals using only their mobile number or email address. US Bank will use the Zelle Network, which has real-time messaging capabilities to enable clients to send money to any payee with a US bank account, either in real-time or next day.
Meanwhile Supplier Prefer Pay is a complete solution to enrol and pay suppliers, offering multiple payment methods. It helps businesses migrate away from cheques toward virtual card and ACH payments. Supplier Prefer Pay processes vendor payments and provides detailed payment-related remittance information to the vendor.
US Bank's Rich Erario said: “These solutions are examples of how US Bank is innovating using new payment technology to provide clients with effective ways of optimizing working capital and reducing overall processing costs.”
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