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Zil Money Expands Online Check Writer With ZilBank Launch

FinTech Zil Money Corporation is rolling out cloud banking platform ZilBanka new division of its flagship business-to-business (B2B) unit Online Check Writer, according to a press release.

Headquartered in Tyler, Texas, the online banking software solution enables anyone from any location worldwide to open an online bank account in the U.S. The system uses a banking grade Amazon elastic server and fully integrates with sponsor banks.

See also: Deep Dive: How Banking As A Service For Consumers Could Foreshadow B2B Payments’ Future

ZilBank partners with Evolve Bank and Solidfi for compliance with bank regulations and FDIC protection. ZilBank also offers 1.5 percent cashback on every dollar spent and 0.5 percent cash back on business deposits.

With more than 250,000 business users and over 1 million “beneficiaries” using its for B2B money movement, Zil’s software was initially developed for Tyler Petroleum. The product was launched to the public in 2012 and now has the capabilities to integrate with more than 22,000 banks around the globe, according to Zil’s website.

See: Average US Firm Waits 33 Days to Receive Cross-Border Payments, Data Show

Zil CEO Sabeer Nelli said ZilBank will give its members the ability to sidestep “traditional bank fees and save money.”

He added that his team worked to develop a platform that would “address every possible payment solution” for companies in the U.S. and around the world.

The company offers a product suite for small and medium-sized businesses (SMBs) on a single platform that solves the challenges of making payments and getting paid, as well as central reporting functions and “traceable software functions.”

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ZilBank plans to implement “information exchange formats, ISO 20022, and XBRL to automate and empower the financial infrastructure,” according to the release.

Zil Money has processed over $10 billion in payments and now has 196,000 customers.

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