US-based digital payments network Zelle will begin the full-scale roll out its services to more than 86-million US mobile banking consumers this month.
Competition in the Us mobile peer to peer payments market is set to heat up after news that Zelle will begin the full-scale rollout of its payment network. Developed by bank-owned Early Warning Services, the Zelle P2P payment network provides a way for consumers to send money directly between US bank accounts from within their mobile banking app.
The Zelle network is made up of over 30 financial institutions and is expected to service more than 86-million US mobile banking consumers. Some of the well-known financial institutions participating in the network include Bank of America, Capital One, Citi, JP Morgan Chase, Morgan Stanley, TD Bank, and Wells Fargo.
In addition to working directly with financial institutions, Early Warning has established strategic partnerships with many of the leading payment processors such as CO-OP Financial Services, FIS, Fiserv, and Jack Henry and Associates. These partnerships will allow millions more consumers to experience Zelle through community banks and credit unions.
Paul Finch, Chief Executive Officer of Early Warning Services, commented,
“Fragmentation has been frustrating for consumers. Inconsistent experiences have made it difficult to send and receive money between banks.”
“Zelle unites the financial community behind a single, real-time P2P payments experience for millions of consumers. Together, we are removing friction from finance, allowing money to move seamlessly between accounts in minutes. This revolution in money movement will create for consumers a viable alternative to checks and cash,” he continued.
Bank of America, US Bank, and Wells Fargo, who have already embedded aspects of Zelle within their mobile applications processed $55 billion in P2P payment transactions in 2016. In the first quarter 2017, more than 51 million transactions flowed through the Zelle network, totaling more than $16 billion. Since its launch, the Zelle network has experienced 39% year-over-year growth in transaction volume.
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