U.S. Bank this past week announced two new digital payment products that are intended to make it easier for corporate and commercial banking clients to transition from paper to electronic payments, according to a press release.
Disbursements via Zelle and Supplier Prefer Pay are intended to minimize the time and risk involved in the process of soliciting, storing and maintaining banking information for business and individual payees, according to the press release.
“Organizations are looking for payment solutions that solve real-life challenges,” said Dominic Venturo, executive vice president and chief innovation officer for U.S. Bank, in the release. “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.”
Disbursements via Zelle enables companies to send electronic payments to individuals using only their mobile number or email address. To make this possible, U.S. Bank uses the Zelle Network and its real-time messaging capabilities to enable clients to send money to any payee with a bank account in the U.S., either in real-time or next day.
Supplier Prefer Pay is a complete product to enroll and pay suppliers, offering multiple payment methods, according to the press release. It’s intended to help businesses migrate away from checks toward the expanded use of virtual card and ACH payments. Supplier Prefer Pay processes vendor payments and provides detailed payment-related remittance information to the vendor.