Onbe and ZSuite Tech deliver digital payout solutions for banks

By Gloria Mathias

Onbe, a corporate payout platform, has announced its partnership with ZSuite Tech, a high-growth FinTech innovator.

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.

“Both Onbe and ZSuite Tech are experts in leveraging technology to simplify complex processes, and embedding Onbe’s payout 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 labour 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, CEO 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.”

The partnership between Onbe and ZSuite Tech allows the banks to leverage ZSuite’s products, enabling their business clients to focus on what they do best.