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
- More than 60 Financial Institutions Are Now Part of the Zelle Network®: From small community banks and credit unions to the largest national banks, more than 60 financial institutions have joined the Zelle Network®. Participants currently represent 50-percent of U.S. demand deposit accounts (DDA) Accounts.
- Zelle® Expands its Partner Ecosystem: ACI Worldwide, CGI, D3 Banking Technology, and IBM joined the list of leading companies and payment processors -- CO-OP Financial Services, FIS, Fiserv, and Jack Henry & Associates, Inc. -- working with Zelle® to create a broad, collaborative payments ecosystem, and help more financial institutions connect to the Zelle Network®.
- Zelle® Adds Complementary App to Enhance Mobile Banking Experiences: Access to the Zelle Network® included a free Zelle® App available in the App Store and Google Play. The Zelle® App allows almost anyone with a Visa or Mastercard debit card issued in conjunction with a bank account in the U.S. to send money fast and easily to others at participating ZelleNetwork® banks and credit unions.
- Zelle® Goes Beyond P2P: Corporations and charitable organizations are using the Zelle® Disbursements service to send electronic payments to individuals using only their mobile phone number or email address.
- Zelle® Risk Solutions Create Safer Payment Experiences: To protect consumers and financial institutions from fraud, Zelle® introduced mobile authentication processes that bring together data from networks, devices, and users to assess enrollment and transaction risk almost instantly.
- Zelle Launches U.S. Marketing Campaign: In October 2017, Zelle's "This is how money moves®" advertising campaign went live. Tony and Grammy award winner, Daveed Diggs, brought to life how money is exchanged in a nationwide mass media campaign launched earlier this month (Jan. 2018).
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.