Financial Institutions Joining the Zelle Network® Increased by 40% in 2022


February 16, 2023
Financial Institutions Joining the Zelle Network® Increased by 40% in 2022
  • Network Growth: More than 1,800 financial institutions live today – 97% of FIs that joined the Zelle Network® in the last year have under $10 billion in assets.
  • Transactions Climb: Consumers and businesses sent 2.3 billion payments with a total value of $629 billion through the Zelle Network® in 2022.
  • Safe Payments: More than 99.9% of payments on the network were sent without any report of fraud or scams, and the percentage continues to improve.

Scottsdale, AZ – Early Warning Services, LLC, the network operator of Zelle®, announced today more than 1,800 financial institutions (FIs) are part of the Zelle Network®. In 2022, 97% of FIs that joined the network 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," said Al Ko, Chief Executive Officer at Early Warning. "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."

In 2022, consumers and businesses sent 2.3 billion Zelle® payments with a total value of $629 billion. Transaction volumes through the Zelle Network® increased by 26% year-over-year, and the total transaction value increased by 28% year-over-year.

Deepening Relationships with Consumers

An independent study by Curinos found that Zelle® brought substantial value to customers and financial institutions.

"Our study found that Zelle® drives more primacy to users' checking accounts," said Hank Israel, Director at Curinos. "The more people use Zelle®, the more they tap those same checking accounts to pay for goods and services they might otherwise have paid for with check, cash, or other P2P. "

The Curinos report found that previously disengaged customers at financial institutions had, on average, four times more debit card transactions than the control group after one year of using Zelle®.

Small Businesses Rely on Zelle® to Both Send and Receive
In 2022, small businesses— landlords, house cleaners, landscapers, consultants, etc.— received more than 150 million payments with Zelle®, totaling more than $72 billion, up 77% and 84%, respectively, from 2021.

In addition, small businesses are using Zelle® to pay their employees and rent. The number of unique small business senders increased by 66% year over year, with 133 million payments totaling more than $87 billion in 2022.

Protecting Zelle® Users
The company's ongoing dedication to consumer protection measures continues to combat fraud and scams. In the first half of the year, the company reported more than 99.9% of payments on the network were sent without any report of fraud or scams—the percentage continued to improve through 2022.

About Zelle®
Zelle® is transforming how money moves, with more than five billion digital payments sent since its launch in 2017. The Zelle Network® connects more than 1,800 financial institutions of all sizes, enabling consumers and businesses to send digital payments to people and businesses they know and trust with an eligible bank account in the U.S. Money is available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and participating financial institutions in the Zelle Network®, visit Zelle® is brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions.

About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country's largest banks. For almost three decades, our identity, authentication, and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning's risk and payment solutions enables the financial services industry to move money fast, safe, and easy, so that people can live their best financial lives. To learn more about Early Warning, visit