A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.

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November 13, 2023

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October 10, 2023

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October 2, 2023

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September 7, 2023

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August 30, 2023

On the wires

Zelle® Announces Q2 Customer Growth and New Safety Measures

PR Newswire

"Early Warning Services, LLC, the network operator of Zelle®, today announces its Q2 2023 results—total Zelle transaction volume was 705 million with a value of $197 billion, 10% and 9% quarter-on-quarter growth, respectively...All banks and credit unions on the Zelle Network® must implement Risk Insights for Zelle®. This free service gives institutions recipient risk attributes to assess potentially high-risk transactions and ultimately reduce fraud and scams."

August 11, 2023

On the web

Former BMO Executive Fowler Takes Over at Zelle Parent Early Warning

Digital Transactions

"Early Warning Services LLC, which operates the Zelle peer-to-peer payment network, announced early Friday it has appointed Cameron Fowler as chief executive, effective October 2, 2023. Fowler replaces Albert Ko, who left the company in May to become CEO of Auctane, which provides shipping software and operates such brands as Stamps.com, ShipStation, and ShippingEasy."

June 6, 2023

On the web

April 17, 2023

On the wires

Consumers and Small Businesses Trusted Zelle® to Send Nearly $2B per Day in Q1

Linkedin

"At Early Warning®, our vision is to bring trust to the financial moments that matter. It’s something we’ve done for over 30 years across all our products and it’s something we’ll continue to do for decades to come. As I [Albert Ko] approach my 4-year anniversary at the helm of Early Warning, and Zelle® approaches its 6-year anniversary since launch, I’d like to share some news about its growth during the first quarter of this year and examine why businesses and consumers are increasingly trusting us with their transactions. Q1 Results: The Zelle Network® is Stronger than Ever..."

March 27, 2023

On the web

Early Warning Unveils Paze, Its Multi-Bank Wallet Aimed at Easing E-Commerce

Digital Transactions

"Early Warning Services LLC, a fintech owned by seven of the nation’s largest banks, will launch its digital wallet with a pilot this summer followed by general availability in the fall, the top official in charge of the project said Monday. The new wallet, called Paze and aimed exclusively at e-commerce use, will start with backing by the owners of EWS but will be “available to all banks regardless of size,” James Anderson, managing director of wallet at EWS, told Digital Transactions News. “Every financial institution will have access to it. It’s not a big integration.” Multiple issuers could be represented in a single Paze wallet, Anderson said."

January 12, 2023

On the web

Zelle Fraud: More People Tricked Into Sending Money Over Popular E-Pay Option (Video)

NBC Chicago

"Whether you’re splitting a tab, or paying a babysitter, Zelle is the most popular way to transfer money electronically in the U.S., processing more money than Venmo and CashApp combined, lawmakers have found. But Zelle is also popular among thieves. Each year, millions of dollars are stolen from consumers through Zelle in fraudulent transfers, data shows, and victims say getting help or refunds from their banks has been difficult. That could soon be changing, as the Wall Street Journal reports the big banks that own Zelle’s parent company, Early Warning Services, have been meeting and negotiating the standardization of refund procedures, as well as the sharing of liability within the Zelle network."

December 20, 2022

On the web

Zelle® Usage Drives Customer Engagement

Early Warning

This study was completed using data from FIs that have adopted Zelle®. Early Warning provided aggregated consumer deposit data from Q2 2020 to Q1 2021 that included both key customer characteristics and summary metrics. The study found FIs that offer Zelle® experience a lift in overall customer engagement. These higher levels of engagement are most significant among low-engagement, new-to-bank and low-balance customers.

December 13, 2022

On the web

Small Banks Warn They Might Have to Drop Zelle Over Scam Payment Costs

Wall Street Journal

“Community banks and credit unions might drop out of partnerships with instant-payment apps like Zelle if required to reimburse customers who fall victim to scams, two industry trade groups said. Facing pressure from lawmakers and regulators to do more to protect customers from fraud, the seven large banks that own Zelle are working on a plan to standardize refunds for customers duped into sending money. Scams using instant-payment apps like Zelle, Venmo and CashApp are expected to cost Americans $3 billion by 2026, up from $1.6 billion in 2021, according to a recent report by ACI Worldwide, a payments-software company. Zelle, which is owned by JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., U.S. Bancorp, Capital One Financial Corp., PNC Financial Services Group and Truist Financial, allows customers to make free instant payments between individual bank accounts. Customers can send money from their bank accounts to others in real time, but there is no way to reverse payments when transactions go wrong. (Subscription required)”

October 14, 2022

On the web

Early Warning Releases Statement Regarding Recent Reports of Fraud and Scam Rates

PR Newswire

“Early Warning Services, LLC, the network owner and operator of Zelle®, today responded to misleading reports of fraud and scams on the Zelle Network®. Tens of millions of consumers safely use Zelle® every day with more than 99.9% of payments sent without any report of fraud or scams.  Any external analysis done is incomplete and does not reflect the efforts and data reported by more than 1,700 financial institutions on the Zelle Network®. Wells Fargo is a leader in taking steps to protect its customers from fraud and scams. Based on data reported to the Zelle Network®, recent statements regarding Wells Fargo’s fraud and scam rates are inaccurate. Wells Fargo’s rates of reported fraud and scams are extraordinarily low and comparable to the Zelle Network® as a whole, where rates of reported fraud and scams represent less than 0.1% of all transactions.”

September 9, 2022

On the web

Zelle Carries Momentum Thanks to Network and Capability Expansions

Insider Intelligence

“Zelle’s payments volume increased 27% year over year (YoY) in Q2 2022 to $155 billion, per a press release. Zelle’s payment volume reached $120 billion in the same period last year, growing 58% YoY thanks to a major uptick in adoption among financial institutions (FIs). It has moved more than 5 billion transactions worth $1.5 billion since launching in 2017.More than 99.9% of Zelle payments are sent without any reports of fraud. Nearly 17,000 banks and credit unions offer Zelle—up from 10,000 as of February.”

September 8, 2022

On the web

Zelle® Reaches Five-Year Milestone with More than Five Billion Safe, Secure Transactions

PR Newswire

In the past five years, consumers and businesses, small and large, have sent more than five billion Zelle® payments, totaling nearly $1.5 trillion, according to Early Warning Services, LLC, the network operator of Zelle®.

Zelle® users have leveraged the convenience and security of Zelle® to gift money, pay rent, reimburse friends and family for shared costs, receive reimbursements, or access money in critical moments, usually within minutes using Zelle®.

May 3, 2022

On the wires

Early Warning Launches Verify Identity

prnewswire

“Early Warning Services, LLC, announces Verify Identity, a synthetic identity fraud detection solution for qualifying financial services organizations (FSOs), mobile network providers, corporations and government entities. This new technology service combines predictive scoring with rules-based solutions to determine the likelihood that a prospective customer is legitimate while complying with industry regulations. “Early Warning is fighting back against synthetic identity fraud with the introduction of Verify Identity,” said Robin Love, vice president of product management at Early Warning. “Verify Identity includes our predictive ID Confidence Score with an additional synthetic indicator, making this solution uniquely different from others in the marketplace. Verify Identity will challenge the growing issue of data breaches and identity fraud by introducing this unparalleled synthetic identity detection feature.”

November 3, 2021

On the wires

Consumers and Businesses Trust Zelle® to Send and Receive High Dollar Transactions in Q3 2021

“Early Warning Services, LLC, the network operator behind Zelle®, announced its Q3 2021 transaction results highlighted by year-over-year increases across Zelle® Small Business and Disbursements with Zelle®. Overall, the network processed $127 billion on 466 million transactions in Q3 2021. Year-over-year sent payment values increased by 51%, while payment transactions increased by 44%.”

May 5, 2021

On the wires

Zelle® Springs Into 2021 With More Than $100 Billion Sent in the First Quarter

“Early Warning Services, LLC, the network operator behind Zelle®, today announced $106 billion was sent through the Zelle Network® on 392 million transactions during Q1 2021. Year-over-year sent payment values increased by 74%, while payment transactions increased by 61%. Zelle® Small Business continues to be one of the fastest growth areas for the Zelle Network®, with transactions increasing 180% year-over-year. Today, consumers of nearly 8,000 financial institutions participate in the Zelle Network®, whether accessing Zelle® through their financial institution’s mobile banking app or enrolling their debit cards in the Zelle® mobile app.”

March 2, 2021

On the wires

Nacha Announces Early Warning Services As a Preferred Partner for Account Validation | Nacha

“Early Warning Services, LLC has returned as a Nacha Preferred Partner for Account Validation. Early Warning values that as a Preferred Partner, they are part of a select group of innovators that Nacha recognizes for offering products and services that align with Nacha’s core strategies to advance the ACH Network… More than 2,500 companies rely on Early Warning’s intelligence to get in front of fraud. In its role as Trusted Custodian® of bank-contributed data, Early Warning offers a full suite of solutions that enable financial institutions to fight fraud, mitigate risk and better service their customers for account opening, funding, and payment experiences.”

July 29, 2020

On the wires

Consumers and Small Businesses Significantly Increase Use of Zelle® In 1st Half Of 2020

“Early Warning Services, LLC, the network operator behind Zelle®, today announced $133 billion was sent through the Zelle Network® on 519 million transactions during the first six months of 2020.  Physical distancing requirements continue to drive strong adoption of Zelle, with enrollment growing 17% over the prior year. Active sender usage – those who have sent a payment in the past 90 days – increased by 43% year-over-year. Average transactions sent per user increased 10% year-over-year, with many consumers using Zelle to pay back neighbors for groceries or to send money to friends and family. Network-wide payment transaction values increased by 60% year-over-year, while payment transaction volume increased by 63%.”

July 2, 2020

On the wires

BNY Mellon to Deliver Real-Time Account Validation Services to Corporate and Bank Clients in the U.S.

“BNY Mellon today announced a collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). Through this agreement, BNY Mellon will deliver real-time account validation services to clients, and offer the flexibility to tailor a solution to meet clients’ individual needs— whether through BNY Mellon directly, or through one of its Private Label Bank relationships. This collaboration marks another step in BNY Mellon’s strategy to provide digital payment services that support clients with all of their payment needs, both now and in the future.”

April 27, 2020

On the wires

Consumers Leverage Zelle® to Send and Receive Money in Times of Need

“Due to recent economic and societal changes, there has been an increase in consumers leveraging Zelle for everyday essentials such as paying back neighbors for groceries, reimbursing friends and family for canceled events, and sending money to loved ones in need. Since the beginning of March 2020, enrollments increased, running more than double-digit rates above average. More than half of consumers sending money with Zelle are ages 25-54, part of both the Millennial and Generation X demographics, while boomers, ages 55- 72, have recently increased their overall use of Zelle. These generations across the U.S. are enjoying the convenience of Zelle within their banking app, with funds typically available within minutes when both parties are already enrolled.”

January 28, 2020

On the wires

Gift Giving Helps Zelle® Wrap Up 2019 With Double Digit Growth

“Early Warning Services, LLC, the network operator behind Zelle®, today announced its Q4 2019 and 2019 full year results. In Q4 2019, the Zelle Network® processed 230 million transactions, totaling $56 billion in money sent — an increase of 14% and 17% quarter-over-quarter, respectively. For the 2019 calendar year, the Zelle Network processed $187 billion in payments on 743 million transactions. Year-over-year payment values increased by 57%, while transaction volume increased by 72%.”

November 19, 2019

On the wires

Zelle® and EVERFI Partner on Digital Financial Literacy Programs for High School Students Nationwide

“The partnership will provide more than 1,000 high schools and 50,000 students with free financial education courses on how to bank responsibly in the ever-changing digital era. With only 30% of college students reporting having taken a high school financial literacy course1 , Zelle and EVERFI address an acute need for more financial education, especially given the rate of change brought on by ever-evolving technologies.”

January 24, 2019

On the wires

Zelle® Ends 2018 with its Strongest Quarter on Record

Zelle closed the year with its strongest quarter on record with $35-billion in payments on 135-million in transactions processed – an increase of 12% and 19% quarter-over-quarter, respectively. Year-over-year payment value (4Q 2017 to 4Q 2018) increased by 61%, while transaction volume increased by 81%. The results cap a successful 2018, with the number of participants in the Zelle Network reaching 229 financial institutions – 60 of which are live and processing transactions.”

November 26, 2018

On the web

How Zelle plans to recapture the smaller banks, credit unions it left behind

American Banker (paywall)

“A year after its launch, Zelle’s P2P payment volume has rapidly expanded through usage at the nation’s largest banks. But enabling smaller institutions to offer it to their customers is proving to be more challenging. Early Warning, the bank-led company that operates Zelle, said 51 banks are live on its network, with more than 200 under contract for integration in the coming months. “We’re accelerating the rollout through resellers, but it’s a process that will take some time,” said Lou Anne Alexander, group president of payment solutions at Early Warning, said in an interview.”