This new partnership enables banks to provide their clients with secure funds management capabilities and embedded digital disbursement options, eliminating the cost and risk of issuing payments by check.
Onbe, a leading corporate payouts platform, today announces its partnership with ZSuite Tech, a high-growth fintech innovator with a focus on commercial escrow and subaccounting. The partnership will provide an embedded digital disbursement option for the more than 90 U.S. banks that use ZSuite Tech, allowing them to offer a simplified and cost-efficient mechanism for issuing payments through popular methods including virtual cards, ACH, push to card, and mobile wallets. The integration of Onbe’s advanced payout capabilities with ZSuite’s platform provides a comprehensive solution for banks and their commercial customers, effectively addressing complex ledgering, fund allocation, and disbursement challenges across industries such as property management, legal services, municipalities, and healthcare. Minnesota-based Sunrise Banks is the first client to add Onbe and ZSuite’s new offering to its stack, providing businesses with the convenience of funds management and disbursement services in one place.
Checks remain one of the most common ways to make business-to-individual payments, such as deposit refunds. Compared to digital solutions, checks have a higher susceptibility to fraud, according to a 2023 survey from the Association of Financial Professionals, and cost as much as $12 each to issue when expenses such as paper, postage, and labor are factored in. The digital-first payment offering developed in partnership with Onbe will allow ZSuite Tech’s bank clients and the businesses they serve to meet the demand for faster payouts while eliminating the cost and burden of issuing paper checks.
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“Both Onbe and ZSuite Tech are experts in leveraging technology to simplify complex processes, and embedding Onbe’s payouts gateway within ZSuite Tech’s platform will be another step in streamlining a traditionally cumbersome payout process,” said Tracy Monson, Chief Growth Officer of Onbe. “Through this partnership, we can now expand our core focus of payouts to include managing funds at rest, ultimately helping banks deliver a more modern payout experience while eliminating compliance concerns.”
In addition, Onbe’s StateSmartSM solution will streamline the payout process for ZSuite Tech’s clients with fully managed escheatment, an area of compliance risk and administrative expense. The proprietary solution eliminates the burden and expense of handling unclaimed property, which can result in fines and penalties if managed incorrectly.
“ZSuite Tech, which started at a bank, reduces the administrative labor and compliance burden that commercial banks must contend with when handling escrow and subaccounting in complex regulatory environments, and with the addition of Onbe’s solution to our platform, we will be able to do the same for disbursements,” said Nathan Baumeister, Chief Executive Officer and Co-founder at ZSuite Tech. “Partnering with Onbe is a natural extension of the values and mission here at ZSuite Tech. We are excited to provide even more options to help financial institutions better serve their commercial customers and end recipients.”
Seven out of ten banks said fintech partnerships will be crucial in streamlining operations going forward, according to a survey by Cornerstone Advisors. The partnership between Onbe and ZSuite Tech is a win for customers, the business they serve, and their end recipients.
“We’re excited to be the first bank client to leverage the unified capabilities of the partnership between Onbe and ZSuite Tech,” said Tyler Seydel, Chief FinTech Officer at Sunrise Banks. “As a longtime partner of Onbe’s, we’ve seen how their solutions create a seamless experience when making payouts, and we’re looking forward to further building on our value propositions with the addition of ZSuite Tech’s capabilities.”
Supporting everything from operational efficiencies to a better payout experience, the partnership between Onbe and ZSuite Tech allows the banks leveraging ZSuite’s products to enable their business clients to focus on what they do best.
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