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.
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.