Morgan Stanley Wealth Management has enhanced its cash management offering with a new person-to-person (P2P) payments service, dubbed Morgan Stanley Send Money with Zelle.
The bank said that the new service will allow clients to make payments using their mobile device, without any additional costs.
Customers can send or receive money from almost anyone with a US bank account by just entering the recipient’s email address or their mobile phone number.
Send Money with Zelle is available on the Morgan Stanley mobile app for both iPhone and Android users.
The Zelle Network connects the country’s financial institutions, allowing consumers to send payments from their mobile phone.
Morgan Stanley managing director & head of the private banking group Eric Heaton said: “We are excited to offer our wealth management clients a convenient way to send and receive money from the Morgan Stanley mobile app.
“Morgan Stanley Send Money with Zelle lets clients make payments using their mobile device, without any additional costs. By joining the Zelle Network, we are providing clients with an integrated platform that will help them manage their everyday cash management needs.”