Zelle® Ends 2018 with its Strongest Quarter on Record
Scottsdale, AZ., Jan. 24, 2019 – Early Warning Services, LLC., the network operator behind Zelle®, today announced $119 billion in payments on 433 million transactions processed in 2018. In 2017, the Zelle Network® processed 247 million payments for $75 billion.
Zelle closed the year with its strongest quarter on record with $35 billion in payments on 135 million in transactions processed – an increase of 12% and 19% quarter-over-quarter, respectively. Year-over-year payment value (4Q 2017 to 4Q 2018) increased by 61%, while transaction volume increased by 81%. The results cap a successful 2018, with the number of participants in the Zelle Network reaching 229 financial institutions – 60 of which are live and processing transactions.
Zelle is not just for large national banks. Eighty-five percent (85%) of participants in the Zelle Network are regional and community banks or credit unions with assets less than or equal to $10 billion, while 77% of participants list assets less than or equal to $1 billion. Together, participants are helping more than 100 million consumers replace checks and cash for the convenience and speed of person-to-person (P2P) payments.
“Our strategic processor partners are helping move Zelle closer to its goal of nationwide ubiquity – signing more than a hundred banks and credit unions in Q4 alone,” said Paul Finch, CEO, Early Warning. “Already, customers of more than 5,100 financial institutions are using the Zelle Network, whether it’s through their financial institution’s mobile banking app, or by registering their debit cards in the Zelle mobile app.”
“Eastern Bank has over 90 branch locations located in Massachusetts and Southern New Hampshire. Our mobile banking app provides clients with a secure, convenient P2P solution,” said Paul Alexander, Chief Marketing Officer, Eastern Bank. “Joining the Zelle Network has made it fast and easy to make digital personal payments. By allowing this, we are better meeting the needs of our customers and colleagues.”
Partnerships Lead to More Financial Institutions Joining the Zelle Network
Zelle partners – CO-OP Financial Services, FIS, Fiserv ®, and Jack Henry & Associates, Inc.®”– are working to enable thousands of financial institutions including community banks and credit unions across the U.S. to offer Zelle to their customers.
"Zelle brings person-to-person payments to consumers through the financial institution brands they know and trust. We are in active implementation and have developed a strong pipeline."
- Todd Clark, President/CEO of CO-OP Financial Services
“Turnkey Service for Zelle from Fiserv offers financial institutions a simplified path to implementing ubiquitous, frictionless person-to-person payments. Demand for Zelle is high among financial institutions of all sizes because it gives consumers the flexibility to bank on their terms. We look forward to adding many more banks and credit unions to the Network in 2019.”
- Tom Allanson, President, Electronic Payments, Fiserv, Inc.
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle makes it fast, safe and easy for money to move. The Zelle Network® connects financial institutions of all sizes, enabling consumers to send fast person-to-person payments to friends and family with a bank account in the U.S. Funds are available directly in consumer bank accounts generally within minutes when the recipient is already enrolled with Zelle. To learn more about Zelle and its participating financial institutions, visit http://www.zellepay.com.
About Early Warning Services, LLC
Creating the Future of Payments® - Early Warning delivers innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in technology that helps money move fast, safe and easy. Learn more at earlywarning.com.
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Zelle and the Zelle related marks are property of Early Warning Services, LLC.
Fiserv is a registered trademark of Fiserv, Inc.