Scottsdale, AZ., Jan. 29, 2018 - Zelle today announced $75-billion in money moved in 2017 across its payments network, as millions of consumers reduced their dependence on physical checks and cash, and took part in the digital "new way to pay."
In 2017, the $75-Billion moved on Zelle, was an increase of 36-percent year-over-year (YoY) from 2016's totals of $55-billion when the Zelle Network® was previously clearXchange®. The Zelle Network processed more than 247-million payments in 2017, an increase of more than 45-percent YoY on the 170-million transactions processed in 2016.
In the fourth quarter of 2017 alone, the network moved $22-billion, up 14-percent quarter-over-quarter (QoQ), on more than 75-million transactions, up 18-percent QoQ.
Zelle enables payments from one bank account to another, typically within minutes when both consumers are enrolled, using only an e-mail address or a U.S. mobile phone number. For more than 95-million consumers, Zelle is already available from the convenience of their mobile banking app, with no additional downloads required. For consumers who bank with financial institutions outside of the network, a Zelle App is available in the Apple App Store and Google Play.
"2017 was a banner year for Zelle! The banking industry launched the first real-time P2P payments network, and millions of consumers responded by embracing a new way to pay," said Paul Finch, CEO at the bank-owned Early Warning Services - the network operator behind Zelle. "Consumers are looking to digital solutions to replace physical checks and cash as a way to pay friends and family. The convenience of Zelle on more than 95-million phones provides a unique market opportunity to change consumer mobile banking behavior."
Consumer and industry demand have confirmed broad interest for Zelle to facilitate fast and safe payments in an increasingly digital economy. By the end of 2017, Zelle was nearing an average of 100,000 token enrollments per day. In 2018, this participation is expected to grow with core processor and system integrator partnerships, making it even easier to connect thousands more financial institutions to Zelle. Moving forward, the Zelle Network will continue to be used as an innovation platform for faster money movement solutions beyond P2P payments and the corporate and charitable disbursements service.
2017 Zelle Highlights
Brought to you by Early Warning, an innovator in payment and risk management solutions, Zelle makes it easier, faster, and safer for money to move. The Zelle Network connects the nation’s leading financial institutions, enabling consumers to send faster person-to-person payments to nearly anyone with a U.S. bank account. Funds are available directly in consumer bank accounts generally within minutes. To learn more about Zelle and its participating financial institutions, visit https://www.zellepay.com.
About Early Warning
Creating the Future of Payments™ - Early Warning delivers innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in technology that helps money move easier, faster, and safer. Learn more at earlywarning.com.