Zelle, the peer-to-peer (P2P) payments platform deployed by more than a dozen financial institutions to take on competing offerings like Venmo and Square Cash, is stepping into the world of corporate payments through a new offering by U.S. Bank.
The bank announced news on Wednesday (Nov. 1) that it is rolling out two new corporate payment solutions, one of which is Disbursements via Zelle, which enables corporate clients of the bank to use Zelle to disburse payments to individuals. The solution supports real-time messaging and real-time or next-day P2P payments.
The second solution announced by the bank is Supplier Prefer Pay, which facilitates supplier payments by streamlining the enrollment process for supplier onboarding and enables companies to pay those suppliers using electronic rails.
According to U.S. Bank, both tools aim to help businesses migrate away from paper checks and other manual processes.
“Organizations are looking for payment solutions that solve real-life challenges,” said U.S. Bank Executive Vice President and Chief Innovation Officer Dominic Venturo in a statement. “With Disbursements via Zelle and Supplier Prefer Pay, we make payables more secure and efficient for business clients by eliminating the upfront effort required to obtain the payees’ banking information.”
“These solutions are examples of how U.S. Bank is innovating using new payment technology to provide clients with effective ways of optimizing working capital and reducing overall processing costs,” said U.S. Bank Executive Vice President and Head of Global Treasury Management Rich Erario in another statement.