Early Warning Services, the parent company of FinTech payments firm Zelle, posted year-over-year (YOY) increases across Zelle Small Business and Disbursements with Zelle, according to a press release emailed to PYMNTS.
Overall, Zelle processed $127 billion in 466 million transactions in the third quarter of 2021 and YOY sent payment values increased by 51%, while payment transactions increased by 44%.
Zelle Small Business is on the fast-growth trajectory, with over $11 billion received by small businesses in the third quarter. Zelle receives payments for services like property management and personal care, as well as small business payments for operational expenses, which totaled $17 billion.
“Zelle is best known today as a fast, safe and easy way to send money between family and friends. We’re proud to have earned that reputation, but these results demonstrate that the value of our network extends far beyond P2P payments,” said Al Ko, CEO at Early Warning.
Disbursements are also a continuing area of expansion, with over 500 entities using Zelle in the third quarter to distribute rebates, refunds, payroll and other payouts. The third quarter saw a median payout of $1,138 and a 28% YOY increase in payments sent.
Zelle was also the official payment partner of The Basketball Tournament (TBT) this past August.
“TBT has been disbursing our million-dollar payment to the winning team, players, and fans with Zelle since 2019,” Jon Mugar, CEO at TBT said, adding that the partnership was unlike anything seen before in sports.
Zelle connects financial institutions, enabling consumers and businesses to send fast digital payments to friends and family that have a bank account in the U.S. Funds are available directly in bank accounts generally within minutes, if the recipient is enrolled with Zelle.