Early Warning Services, LLC, the network operator behind Zelle®, today announced $44 billion was sent through the Zelle Network® on 171 million transactions during Q2 2019. Year-over-year payment values increased by 56%, while transaction volume increased by 71%. Nearly 500 financial institutions are contracted to participate on the Zelle Network, including 179 that are online today and processing transactions.
“More than 64% of U.S. demand deposit accounts will have access to Zelle through the 480 financial institutions contracted to join the Zelle Network,” said Al Ko, Chief Executive Officer at Early Warning. “We continue to see double-digit increases in new customer wins each month, demonstrating continued demand for Zelle from national and regional banks and credit unions.”
Consumers continue to adopt Zelle for everyday person-to-person payments, from paying their personal trainer, paying back a friend for last night’s dinner, splitting costs while traveling, and gifting or sending and receiving funds for emergencies.
“In addition to increased financial institution participation, it’s the adoption of P2P across generations, trust in using a service included in mobile banking apps and the utility of P2P in everyday life, that we can attribute to the popularity and success of Zelle,” said Lou Anne Alexander, Group President, Payments Solutions at Early Warning.
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle makes it fast, safe and easy for money to move. The Zelle Network® connects financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people they know and trust with a bank account in the U.S. Funds are available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle. To learn more about Zelle and its participating financial institutions, visit www.zellepay.com.
About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country’s largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning’s risk and payment solutions enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com
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Zelle and the Zelle related marks are property of Early Warning Services, LLC.