More than 86-million U.S. mobile banking consumers will be able to send and receive money through Zelle – a new person-to-person (P2P) payments network from bank-owned Early Warning Services. Zelle allows for funds to be sent from one bank account to another in minutes, using only a recipient’s email address or mobile number.
“Send Money with Zelle” is conveniently available within the mobile banking apps of Zelle Network participants – a network, which includes banks and credit unions of all sizes. With no additional app to download, Zelle will make digital payments a fast, safe and easy alternative to checks and cash.
Zelle will become available in the mobile banking apps of more than 30 participating financial institutions. In addition to working directly with financial institutions, Early Warning has established strategic partnerships with some of the leading payment processors ––CO-OP Financial Services , FIS, Fiserv, and Jack Henry and Associates.
In Q1 2017, more than 51 million transactions flowed through the Zelle Network, totaling more than $16 billion. The Zelle Network, built on the foundation of the clearXchange® Network, experienced 39% year-over-year growth in transaction volume. In 2016, a staggering $55 billion in P2P payment transactions were processed by financial institutions participating in the Zelle Network.
First National Bank, the largest subsidiary of F.N.B. Corporation will be one of the first banks nationwide to offer customers Zelle.
Wells Fargo says beginning June 24, its 28 million mobile and online customers will have access to Zelle℠person-to-person (P2P) payments through Wells Fargo Online and Wells Fargo Mobile.
Citi confirms expanded payments capabilities for customers by joining the Zelle Network. Formerly known as “clearXchange,” the Zelle Network, run by Early Warning, allows customers of participating banks to engage in fast and easy person-to-person (P2P) payments services. The service is available today within the Citi Mobile App for iPhone and Citibank Online, offering Citi U.S. retail bank customers the ability to make fast and free payments from their checking account to friends and family who bank with many of the major financial institutions in the U.S.
U.S. Bank is integrating Zelle into the U.S. Bank Mobile App and U.S. Bank Online Banking, making it easier for customers to send money to others without the need for cash or checks. Zelle will appear in the U.S. Bank Mobile App and on usbank.com starting June 17. The service will be free for U.S. Bank customers.
Fifth Third Bank will be incorporating the benefits and features of Zelle, a revolutionary new P2P service from Early Warning. Beginning June 23, customers using the Fifth Third Mobile Banking app can send and receive real-time payments for free using the recipient’s registered mobile number or email address.
Zelle will become available in the mobile banking apps of: Ally Bank, Bank of America, Bank of Hawaii, Bank of the West, BB&T, BECU, Capital One, Citi, Citizens Bank, Comerica Bank, ConnectOne Bank, Dollar Bank, Fifth Third Bank, FirstBank, First Tech Federal Credit Union, First Tennessee Bank, First National Bank, Frederick County Bank, Frost Bank, HomeStreet Bank, JP Morgan Chase, KeyBank, M&T Bank, MB Financial Bank, Morgan Stanley, PNC Bank, SchoolsFirst Federal Credit Union, Star One Credit Union, SunTrust Bank, TD Bank, USAA, U.S. Bank, and Wells Fargo.
Millions more consumers, including individuals at non-participating banks, can experience Zelle through a standalone Zelle app in the coming months. Through partnerships with MasterCard and Visa the Zelle app will enable the customers of participating financial institutions to send money to, and receive money from, nearly anyone with a U.S. based debit card.