The Zelle Network reported a 26% increase in transaction volume in 2022 as the number of participating financial institutions increased by 40%.
Early Warning Services, which owns and operates the network, said in a Thursday (Feb. 16) press release that the number of financial institutions joining Zelle topped 1,800 in 2022 and that 97% of those that joined in the last year have under $10 billion in assets.
“Banks and credit unions of all sizes are joining the Zelle Network at a rapid pace because it drives higher engagement with their customers and members and enables competitive parity with large banks via their mobile app,” Early Warning CEO Al Ko said in the release.
In recent news from financial institutions offering Zelle, Citizens announced Feb. 1 that it is making it available to small business customers through its mobile banking app. Citizens said at the time that the peer-to-peer (P2P) payments network allows small businesses to pay and get paid quickly and easily.
Early Warning also said in its press release that consumers and businesses sent 2.3 billion payments through the Zelle network in 2022 and that these payments had a total value of $629 billion.
Compared to the previous year, the 2022 transaction volume was up 26% and the total transaction value was up 28%.
Small businesses are increasingly using Zelle to receive payments. They received 150 million payments totaling $72 billion in 2022 — figures that were up 77% and 84%, respectively, from 2021.
These businesses are also using Zelle to pay their employees and rent, having sent 133 million payments totaling $87 billion in 2022.
“The sheer volume sent through our network — more than a trillion dollars in the past two years — shows that consumers and businesses trust Zelle for the financial moments that matter,” Ko said in the release.
Early Warning said in the press release that 99.9% of all payments — by consumers and businesses — were sent with no report of fraud or scams.
This report comes about three months after it was reported that seven of America’s largest banks were crafting a plan to reimburse victims of P2P and, specifically, Zelle .
An October 2022 report from Sen. Elizabeth Warren estimated that scams and fraud tied to Zelle transactions could reach as much as $255 million in 2022 alone.