Early Warning Services, an industry-leader in real-time payment, authentication, and risk mitigation, today announced that financial institutions in the Zelle Network® processed more than 170-million person-to-person (P2P) payments in 2016, totaling $55 billion in aggregate transaction value.
The Zelle Network®, built on the foundation of the clearXchange® Network, now includes 20 banks and credit unions, and is poised to reach an estimated 85-million consumers in the U.S. through the mobile banking apps of its participating institutions. New “Send Money with Zelle®” experiences will be live in bank apps in mid-2017.
Zelle® - a revolutionary faster, easier and safer way to pay - allows payments to be sent, received, and split using simply a registered mobile phone number, or e-mail address. 85-million consumers will experience Zelle® through the mobile banking apps of Zelle Network®partners, with millions more to experience Zelle® in a standalone Zelle® App. Truly changing the way money moves, funds sent with Zelle® will be available in bank accounts within minutes in most instances, making it an appealing everyday alternative to checks and cash. Learn more at zellepay.com.
“We’re on a mission to replace cash and checks with a faster, safer, and easier way to pay,” said Lou Anne Alexander, group president, payments, Early Warning Services. “With more and more of the nation’s leading financial institutions joining the Zelle® revolution, we’re making mobile payments ubiquitous, opening up new opportunities for an entire industry.”
Bank of America, U.S. Bank, and Wells Fargo have already embedded aspects of the Zelle® user experience within their mobile banking apps with additional network banks scheduled to launch in the second quarter of 2017. To maintain a consistent consumer experience, Early Warning has certified all of the Zelle® participating financial institutions to a design and experience standard. For a list of announced Zelle® partners, visit https://www.zellepay.com/partners
“Consumers are asking for simple ways to pay for everyday things,” said Thong Nguyen, president of retail banking at Bank of America. “With Zelle®, we’ll collectively reach more U.S. bank consumers than any other person-to-person payments network and deliver a faster, safer and easier payments experience that will enable our customers to live more convenient financial lives.”
“The rapid adoption of bank-offered P2P services shows the time is right for consumers to reduce their reliance on cash and checks and start using Zelle® for their day-to-day payments,” said Gareth Gaston, executive vice president of omnichannel at U.S. Bank. “With the launch of several key features of Zelle® within our mobile banking app, we are delivering on our promise to give U.S. Bank consumers a ubiquitous digital payment network that works seamlessly with other network banks.”
“As the banking industry moves toward a full rollout of the Zelle Network®, Wells Fargo is proud to offer our 20 million mobile customers the connectivity and the most vital features of the Zelle experience,” said Brett Pitts, head of digital for Wells Fargo virtual channels. “As we look forward to implementing the Zelle brand into our app, we’re also pleased with the incredible transaction volume this network already handles.”
About Early Warning
Creating the Future of PaymentsTM - 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 protects and advances the financial system. Learn more at earlywarning.com.