US Bank has rolled out two new digital payment solutions – Disbursements via Zelle and Supplier Prefer Pay – which enable corporate and commercial banking clients to shift from paper to electronic payments.
The payment solutions reduce the time and risk involved in the process of soliciting, storing and maintaining banking information for business and individual payees.
Disbursements via Zelle allows companies to transfer funds to individuals using mobile number or email address. The bank uses the Zelle Network and its messaging capabilities to enable clients to send money to any payee with a US bank account, either immediately or next day.
Supplier Prefer Pay offers multiple payment options and allows to enroll and pay suppliers. It processes vendor payments and provides detailed payment-related remittance information to the vendor.
US Bank executive vice president and chief innovation officer Dominic Venturo said: “Organisations are looking for payment solutions that solve real-life challenges. 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.”
US Bank executive vice president and head of global treasury management Rich Erario said: “US Bank continues to be a leader in financial services innovation. These solutions are examples of how US Bank is innovating using new payment technology to provide clients with effective ways of optimising working capital and reducing overall processing costs.”