More than 80% of U.S. DDA Accounts Now Include Zelle®; Growth in Minority Depository Institutions (MDIs) Offering Zelle® in Underserved Communities
SCOTTSDALE, AZ – Early Warning Services, LLC, the network operator of Zelle®, today announces its Q2 2023 results—total Zelle transaction volume was 705 million with a value of $197 billion, 10% and 9% quarter-on-quarter growth, respectively.
More than 50% of MDI Banks in the U.S. Now Offer Zelle®
"At a time when technology is integral to bolstering customer growth, the National Bankers Association prioritizes partnerships with tech providers that strengthen banking services to small businesses and consumers," said Nicole Elam, President and CEO of National Bankers Association, which supports America's minority-owned and -operated banks. "We support the minority banks utilizing the payment platform Zelle® because of their unique role in providing financial services to communities."
Now over 2,100 bank and credit union brands offer Zelle® to their customers—consumers and small businesses—representing more than 80% of U.S. deposit accounts. MDI banks on the Zelle Network® increased by 26% year-over-year.
Enhanced Standards and New Education Go Above and Beyond for Consumers
All banks and credit unions on the Zelle Network® must implement Risk Insights for Zelle®. This free service gives institutions recipient risk attributes to assess potentially high-risk transactions and ultimately reduce fraud and scams. In addition, the network has a new consumer reimbursement benefit for specific scam types.
In 2023, Early Warning partnered with the Better Business Bureau Institute and their Corporate Trust Council, a coalition of companies dedicated to helping people avoid scams through education. The company also partners with the National Council on Aging (NCOA), working with the organization to develop and publish educational content on avoiding payment scams aimed at older Americans.
About Early Warning Services, LLC
Early Warning Services, LLC, a financial services technology leader, has been empowering and protecting consumers, small businesses, and the U.S. financial system with cutting-edge fraud and payment solutions for more than three decades. We are also the company behind Zelle®, and the soon-to-launch PazeSM, a wallet that reimagines e-commerce payments. Early Warning partners with more than 2,500 bank and credit union brands to increase access to financial services and products, and protect financial transactions. Learn more at www.earlywarning.com and connect on LinkedIn.