Early Warning Services, a real-time payment, authentication and risk mitigation company, announced Monday (April 17) that financial institutions in the Zelle Network processed more than 170-million person-to-person (P2P) payments in 2016, totaling $55 billion in aggregate transaction value.
In a press release, Early Warning Services said the Zelle Network now includes 20 banks and credit unions and is poised to reach an estimated 85 million consumers in the U.S. through the mobile banking apps of its participating institutions. New “Send Money with Zelle” experiences will be live in bank apps in mid-2017, the company added.
“We’re on a mission to replace cash and checks with a faster, safer, and easier way to pay,” said Lou Anne Alexander, group president, payments, Early Warning Services, in the press release. “With more and more of the nation’s leading financial institutions joining the Zelle revolution, we’re making mobile payments ubiquitous, opening up new opportunities for an entire industry.”
Zelle enables payments to be sent, received and split using a registered mobile phone number or email address. The company said 85 million consumers will experience Zelle through the mobile banking apps of Zelle Network partners, with millions more to experience Zelle in a standalone Zelle App. Funds sent with Zelle will be available in bank accounts within minutes in most instances, Early Warning Services noted.
Bank of America, U.S. Bank and Wells Fargo have already embedded aspects of the Zelle user experience within their mobile banking apps with additional network banks scheduled to launch in the second quarter of 2017.
“Consumers are asking for simple ways to pay for everyday things,” said Thong Nguyen, president of retail banking at Bank of America, in the same press release. “With Zelle, we’ll collectively reach more U.S. bank consumers than any other person-to-person payments network and deliver a faster, safer and easier payments experience that will enable our customers to live more convenient financial lives.”