The new service is available on the Morgan Stanley mobile app for iPhone and Android.

Morgan Stanley Wealth Management has launched its latest cash management offering, a person-to-person (P2P) payments service called Morgan Stanley Send Money with Zelle®.

It is available on the Morgan Stanley mobile app for iPhone and Android and enables Morgan Stanley’s Wealth Management clients to send money and receive money from almost anyone with a US bank account using the recipient’s email address or US mobile phone number, the firm said last week.

By enrolling in the send money with Zelle® feature on their Morgan Stanley app, and using it to make payments, clients may qualify for Morgan Stanley’s premier cash management program. Premier rewards clients for consolidating their everyday cash management activities with the firm.

“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,” Eric Heaton, managing director, head of the private banking group, said.