Zelle Network® Processes 100MM transactions in the first half of 2017; and, New Zelle App Extends Network Reach, and Enhances Mobile Banking Experiences
News Summary
- 100 Million Transactions in 6-months: More than 50,000 consumers are enrolling daily, contributing to more than100-million real-time person-to-person (P2P) payments, totaling $33.6 Billion, in the first half of 2017
- 50% average increase in P2P Enrollments: Zelle Network enrollments soar, with financial institutions achieving up to a 300% increase in enrollments since June 2017
- Zelle App Enhances Mobile Banking Experiences: Network expands by offering free Zelle App in App Store and Google Play; allows almost anyone with a Visa or Mastercard debit card issued in conjunction with a U.S. bank account to transact in real-time with participating Zelle Network banks and credit unions.
SCOTTSDALE, Ariz., Sept. 8, 2017 – Since June 2017, Zelle Network Banks and Credit Unions have seen up to 300% increases in new customer enrollments. An average of more than 50,000 new consumers enroll with Zelle daily. These consumers join a person-to-person (P2P) payments network already poised to reach more than 86-million consumers through the mobile banking apps of Zelle Network participant banks and credit unions. Currently, Zelle is LIVE in the mobile banking apps of more than 10 banks with new banks and credit unions joining frequently. Enhancing these mobile banking app experiences, next week millions more will have the opportunity to send and receive money with Zelle through a new mobile app, from bank-owned technology company and operator of the Zelle Network, Early Warning Services. The app goes live in the App Store and Google Play on September 12.
“Together with our bank and credit union partners we set out to make it easy, fast, and safe for consumers to send and receive money from almost anyone,” said Paul Finch, CEO of Early Warning Services. “Our partners are revolutionizing banking, reducing friction from finance, and making it convenient to send money in the moment. The Zelle App is a perfect complement to the network banks and credit unions as it allows their customers to reach millions more with the power of Zelle.”
Zelle allows money to be sent from one account to another typically within minutes when both parties are enrolled, using simply a recipient’s email address or mobile number. Now, through partnerships with Mastercard and Visa, almost anyone with a debit card issued in conjunction with a U.S. bank account can use Zelle through the new Zelle Mobile App. The app complements “Send Money with Zelle” experiences conveniently available within the mobile banking apps of Zelle Network participants – a network that includes banks and credit unions of all sizes.
Learn more about Zelle at www.zellepay.com.
“Consumers are moving money in the moment with Zelle in a way that’s replacing cash with convenient P2P payments,” said Lou Anne Alexander, group president, payments, Early Warning Services. “Zelle is designed to be a simple experience that fits into the rhythm and flow of life. With just a few taps, regardless of where you experience Zelle, you can send and receive money fast – all with the peace-of-mind that your transactions will be backed by the security of your trusted financial institution.”
Real Time Payments Provide the Convenience of Cash
In May 2017, Aite Group reported that a common brand across financial institutions (FIs) will drive consumer understanding and adoption of digital P2P payments services. Zelle’s standout features, such as its interoperability and real-time payments, would be key to driving P2P ubiquity. [Source: “Digital Person-to-Person Payments in the U.S.,” Aite Group, May 2017.]
“The mobile experience is evolving making the digital exchange of money more appealing to consumers across all generations,” said Talie Baker, Senior Analyst with Aite Group’s Retail Banking & Payments practice. “P2P is an emerging form of payment and hundreds of millions of consumers will now be able to benefit from a bank-owned network that is providing interoperable mobile P2P payments capabilities. With Zelle, consumers will be able to send and receive payments in real time to nearly any bank account in the U.S. making mobile P2P feel just like cash.”
About Zelle
Brought to you by Early Warning®, an innovator in payment and risk management solutions, Zelle makes it easy, fast and safe for money to move. The Zelle Network connects the nation’s leading financial institutions, enabling consumers to send fast person-to-person payments to nearly anyone with a U.S. bank account. Funds are available directly in consumer bank accounts generally within minutes when the recipient is already enrolled with Zelle. To learn more about Zelle and its participating financial institutions, visit http://www.zellepay.com.
About Early Warning Services, LLC
Creating the Future of Payments™ - Early Warning delivers innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning Services has been a leader in technology that helps money move easy, fast and safe. Learn more at earlywarning.com.
# # #
Zelle and the Zelle related marks and logos are property of Early Warning Services, LLC.