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July 28, 2023

On the wires

Checkbook Adds Zelle® Payment Option to Expand Customer Choice


"Checkbook, an all-in-one push payments platform, announced its new payout option with Zelle to offer a seamless and trustworthy experience for users, emphasizing fast, secure and easily accessible financial transactions. As of today, Checkbook customers can now pay their recipients instantly with Zelle."

February 2, 2023

On the wires

Citizens Announces Availability of Zelle® for its Small Business Customers


Citizens today announced the launch of Zelle® to eligible small business customers, a new offering that allows them to pay and get paid quickly and easily using Zelle® – all within the Citizens mobile banking app1. As small businesses demand more in their banking relationships, this feature offers customers the familiarity and ease of use of Zelle®.

November 3, 2022

On the wires

SoundExchange Expands Mobile Payment App Options for Creators with Zelle®

PR Newswire

“SoundExchange, the premier music tech organization powering the future of music, today announced that registered creators can elect to receive their royalty payments with Zelle® as part of a new, industry-leading effort allowing creators to easily and immediately receive royalty payments via mobile payment apps. The new partnership strengthens SoundExchange’s accessible technology offerings for creators. Earlier this year, SoundExchange launched a new mobile app (now available in the app store for Google/Android and Apple/IOS) and digital tools to support its growing community of more than 570,000 creators.”

June 20, 2022

On the web

When Customers Say Their Money Was Stolen on Zelle, Banks Often Refuse to Pay

The New York Times

“Argelys Oriach was on his way home from a shopping trip one evening in March when he was robbed at gunpoint. The thief demanded his iPhone and passcode. Mr. Oriach turned them over and fled. The next morning, Mr. Oriach, who lives in Brooklyn, said he discovered that the thief had drained $8,294 from his bank accounts at Capital One, using multiple money transfer apps including Zelle. He contacted Capital One, fully expecting the bank to refund him the stolen cash, as required by federal law. The bank refunded only $250, saying it found no evidence that the rest of the money was stolen. Mr. Oriach was stunned. “I filed a police report, identified the suspect at a precinct and even testified at a grand jury,” he said. “But none of that seems to have helped my case.”  After The New York Times asked Capital One about Mr. Oriach’s case, bank representatives said they had determined there was fraud and would repay him. “We reached out to the customer to apologize for any additional stress this matter has caused,” Capital One said in an emailed statement.  In recent years, payment apps like Zelle, Venmo and Cash App have become the preferred way for millions of customers to transfer money from one person to another. Last year, people sent $490 billion on Zelle, the country’s most popular payments app, and $230 billion through Venmo, its closest rival.”

February 2, 2021

On the wires

November 16, 2020

On the web

Zelle Has Turned Dollar-Starved Venezuela Into a Cashless Test Lab

Bloomberg (paywall)

PayPal and Venmo may have achieved the status of verbs in the U.S., but in Venezuela, it’s Zelle—or “Zell-ey”—that’s on everyone’s lips. Across Caracas, homemade signs that read Aceptamos Zelle (We accept Zelle) dangle in store windows and off produce stands. Computer printouts of the purple company logo are taped to cash registers in supermarkets, some of which have dedicated lines for customers paying with the app. The improvised signage is a hint that Venezuelans’ use of Zelle to provide relief from a rapidly depreciating currency and runaway inflation, while not prohibited, could certainly be described as off-label.”

October 27, 2020

On the wires

Early Warning and The Clearing House Complete Critical Integration Milestone of the Zelle® and RTP® Networks

“Early Warning Services, LLC. (EWS), the owner and operator of the Zelle Network®, and The Clearing House (TCH), the operator of the RTP® network, today announced that financial institutions can now settle Zelle payments over the RTP network, the real-time payment system in the United States. PNC Bank and U.S. Bank have successfully completed a pilot of the integration, transmitting money using Zelle over the RTP network. Additional FIs will integrate the two networks and start testing later this year. This is a critical milestone in enabling FIs of all sizes to begin using both networks.”

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 16, 2020

On the web

Zelle Users at BofA Defy the Pandemic Gravity

Digital Transactions

“Payment card usage in the U.S. might be taking a hit during the Covid-19 pandemic, but not the Zelle person-to-person payments service among Bank of America Corp.’s customer base. Charlotte, N.C.-based BofA reported Thursday that it had 11.3 million active Zelle users, including small businesses, in the second quarter, up 41% from 8 million a year earlier. These users made 117.2 million payments worth $32 billion compared with 68.9 million transactions worth $18 billion in 2019’s second quarter. Those figures represent year-over-year growth of 70% in transactions and 78% in volume.”

April 24, 2019

On the wires

Zelle Announces $39 Billion in Money Sent on 147 Million Transactions


“Early Warning Services, LLC, the network operator behind Zelle®, today announced $39 billion was sent through the Zelle Network on 147 million transactions during Q1 2019.  Year-over-year payment values increased by 54%, while payment volume increased by 72%. “This past quarter Zelle achieved several milestones towards our goal of nationwide ubiquity,” said Lou Anne Alexander, Group President, Payments Solutions at Early Warning. “Our core processor partners have achieved tremendous results, signing more than a hundred and thirty banks and credit unions in Q1. In addition, our new marketing campaign was launched, tapping into everyday use cases of Zelle, designed to drive deeper knowledge and relevance with consumers.”

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.”

October 23, 2018

Top Post

Zelle Network® Announces $32 Billion, 116 Million in Payments for Q3 2018

“During Q3 2018 (July – September), 116 million transactions took place on the Zelle Network® for a total of $32 billion in payments. Transaction volume increased 16% quarter-over-quarter (QoQ), and total money moved increased 13%. Financial Institution (FI) participants contributed to an enrollment increase of 10% QoQ, resulting in more than 75 million tokens—mobile numbers or email addresses— across the entire Zelle Network to date.”

July 31, 2018

On the web

Zelle Struggles To Prove It’s Not Just Another Payments App (paywall)

The Wall Street Journal

“A year in, Zelle’s reviews are mixed. Usage is up, but most banks haven’t signed on, meaning many consumers can’t use it without downloading a separate app. It also fell short of its goal to have 33 banks on the network by its first anniversary, and behind the scenes, it runs on plumbing that’s more than 40 years old. Zelle’s rocky debut shows the challenges of trying to make alterations to an industry often slow to change and still weighed down by old infrastructure.”

July 26, 2018

On the wires

Zelle Moves 100 Million Transactions Totaling $28 Billion In Second Quarter 2018


“In the second quarter of 2018 (April 1 – June 30), 100 million transactions took place on the Zelle Network® for a total of $28 billion in payments. Transaction volume was up 17% quarter-over-quarter (QoQ), and total money moved was up 11%. Across the entire Zelle Network, more than 67 million tokens have been enrolled. Zelle celebrated its first anniversary on June 12, 2018, and in a year of operation has processed more than 320 million transactions valued at $94 billion. Transaction volume and transaction value are up 77% and 62%, respectively, from June 2017. “

July 17, 2018

Top Post

BofA Trumpets Success With Erica, Zelle

Mobile Payments Today

“Bank of America has announced that Erica, its artificial intelligence-driven virtual financial assistant, now has more than 2 million users. According to a press release, this is more than double the number of customers using the technology less than a month ago. And that’s not BofA’s only recent mobile milestone: The number active users of the Zelle person-to-person payment feature in the bank’s mobile app is now approaching 4 million.”

July 12, 2018

On the wires

Zelle Study Finds Growing Use Of Digital Payments Across Generations

Early Warning

“The study found that adoption and usage of digital person-to-person (P2P) payments are high among all generations, with consumers pointing to trust in friends and family and trust in their financial institutions as the primary reasons for engaging in a digital payment. Boomers ranked trust in financial institutions as the most important influence on engaging in a digital payment, while Millennials and Generation X ranked recommendations from friends/family/peers as their primary influence.”

June 15, 2018

Top Post

Zelle Forecast To Overtake Venmo This Year


“Despite some concerns over its adoption by scammers, new payment service Zelle is shaping up to overtake rival Venmo this year, according to a new forecast from eMarketer. The firm expects Zelle  to grow more than 73 percent in 2018, to reach 27.4 million users in the U.S., ahead of Venmo’s 22.9 million. Square Cash will trail with 9.5 million users. This growth isn’t necessarily chalked up to user preference, but rather, ubiquity.”

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