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06.12.17

P2P Network Zelle Adds Citi, Other FIs to Roster

More banks and credit unions have joined the Zelle Network, a peer-to-peer payments platform in the U.S., reports Paybefore sister publication Banking Technology.

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,” said Early Warning Services.

New members include Citizens Bank, Dollar Bank, First National Bank of Pennsylvania and SchoolsFirst Federal Credit Union. The service will be provided by Fiserv. 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 2016. Its early members include Bank of America, BB&T, Capital One, JP Morgan Chase, PNC, U.S. Bank and Wells Fargo. Prior to the new additions, Zelle said it had access to approximately 85 million consumers in the U.S.

In a separate announcement, Citi has said it has also joined Zelle.

Early Warning said it processed 170 million P2P payments via Zelle in 2016, totaling $55 billion in transaction value. By comparison, the popular PayPal-backed Venmo processed $17.6 billion P2P payments last year, according to PayPal’s annual report.

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This entry was posted on Monday, June 12th, 2017 at 3:05 pm and is filed under Pay News.

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