Morgan Stanley Wealth Management announced on Thursday the launch of its new person-to-person payments service called Morgan Stanley Send Money with Zelle. According to Morgan Stanley, the service enables its clients to send money and receive money from almost anyone with a U.S. bank account using the recipient’s email address or U.S. mobile phone number. While sharing details about the service, Eric Heaton, Managing Director, Head of the Private Banking Group, stated:
“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.”
Morgan Stanley also revealed The Zelle Network connects the financial institutions and enables consumers to send payments from their mobile phone. Heaton then noted:
“By joining the Zelle Network, we are providing clients with an integrated platform that will help them manage their everyday cash management needs.”
The new service is now available on the Morgan Stanley Mobile App for iPhone and Android. Morgan Stanley then added that by enrolling in the Send Money With Zelle feature, clients may qualify for Morgan Stanley’s Premier Cash Management Program (Premier), which rewards clients for consolidating their everyday cash management activities with the firm.