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Zelle is a new person-to-person (P2P) payment network by Early Warning Services, letting people make payments in minutes from one bank account to another using an email address or mobile number.
People looking to use the service to send funds to a family member, a friend or someone else will be able to do so via thirty different banks offering their customers access to the service, including Capital One, Citi, a Credit-Land.com advertising partner, JP Morgan Chase, TD Bank, USAA, U.S. Bank and Wells Fargo.
What if people don't belong to any of the banks rolling out the service over the coming twelve months? Due to a partnership with Visa and MasterCard as long as they have a debit card they will be able to send a person to person payment using their card.
Early Warning Services suggests that the P2P transactions carried out via Zelle will be seamless. "Zelle will be embedded directly into our mobile banking experience and that means no downloads and no hassle. Zelle will be easy to access and navigate with an intuitive and consistent user experience, and the ability to quickly move money is only a few taps away. Payments can be sent using either a registered email address or mobile number so customers never have to give out their bank account information," said Paul Finch, Chief Executive Officer, Early Warning Services.
The banks offering Zelle
Over the coming year, customers of thirty banks will begin seeing the Zelle network being offered by their bank as a way to make person-to-person (P2P) payments. They are not all coming on board at once, they will be up and running on a rolling basis during this time.
The banks that will be offering Zella are: Comerica Bank, Ally Bank, Bank of America, Bank of Hawaii, Bank of the West, BB&T, BECU, Capital One, First Tech Federal Credit Union, First Tennessee Bank, First National Bank, Frederick County Bank, Frost Bank, HomeStreet Bank, Citi, Citizens Bank, TD Bank, USAA, U.S. Bank, ConnectOne Bank, Dollar Bank, Fifth Third Bank, FirstBank, JP Morgan Chase, KeyBank, M&T Bank, MB Financial Bank, Morgan Stanley, PNC Bank, SchoolsFirst Federal Credit Union, Star One Credit Union, TD Bank, USAA, U.S. Bank, Wells Fargo and TD Bank, USAA, and U.S. Bank.
For more information, people can visit the website.