Zelle P2P payments network onboards new members
More banks and credit unions have joined Zelle Network, a new peer-to-peer payments platform in the US.
Zelle (formerly known as clearXchange) is operated by Early Warning Services and enables “funds to be sent from one bank account to another in minutes, using only a recipient’s email address or mobile number”.
Earlier, Fiserv also connected Ally Bank, Bank of the West and BECU.
The vendor says its Zelle Turnkey Service “offers all the elements of the Zelle solution in a single platform”.
Zelle was launched in H2 last year. Its early members include Bank of America, BB&T, Capital One, JP Morgan Chase, PNC, US Bank and Wells Fargo. According to Early Warning, 170 million P2P payments were processed via Zelle in 2016, totalling $55 billion in transaction value.
In a separate announcement, Citi has said it has also joined Zelle.