Following this launch, small business customers will be able to pay and get paid using Zelle directly from the Citizens mobile banking app. According to finance.yahoo.com, Zelle can help businesses to improve their cash flow by enabling payments directly to their customer’s eligible Citizens Business Checking accounts. Sorting and transporting cash and checks is also reduced, as Zelle keeps a record of all payments received.
Customers of participating small businesses can also pay directly from their banking app thus allowing businesses to receive payments on the go. Small businesses need to share their email address or US mobile phone number with their customers in order to facilitate this.
Citizens officials cited by finance.yahoo.com emphasised their focus on innovation and their commitment to optimising the financial performance of their business customers. They also expressed their plans to improve the business banking experience for customers in key areas such as speed and convenience.
In January 2023, Citizens Financial Group announced an exclusive payments partnership with Mastercard. Following this partnership, Mastercard became the exclusive payments network across Citizens’ credit, debit and commercial portfolios.
Citizens representatives cited by investor.citizensbank.com brought up the rapidly increasing customer expectations around payments and explained how their partnership with Mastercard allows them to strengthen their market position and provide their customers with modern solutions and experiences.
The primary aim of this partnership is to allow Mastercard and Citizens to equip consumers and businesses with greater financial access, benefits and experiences. Citizens will make full use of Mastercard’s network, technology, and services to develop new products and features in order to support consumer and business payments offerings.
For instance, by leveraging Mastercard’s Open Banking technology, Citizens can offer consumers and businesses better financial access and control over their data. Moreover, Mastercard’s digital identity solutions can enable Citizens’ consumer and business customers to benefit from authentication and fraud mitigation tools. Citizens can also rely on Mastercard’s commercial solutions to improve and streamline business-to-business payments in the current digital environment.
The two companies also plan to work together to advance payments technologies, fraud prevention tools and Open Banking. In Commercial Banking, Citizens offers a series of financial products and solutions such as lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions.
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