Zelle® Reaches Five-Year Milestone with More than Five Billion Safe, Secure Transactions
- Five in Five: Five billion+ transactions and nearly $1.5 trillion have moved across the network since 2017.
- Safe Payments: More than 99.9% of payments are sent without any report of fraud or scams.
- Widespread Adoption by U.S. Financial Institutions: Nearly 1700 banks and credit unions, including minority deposit institutions (MDIs), now offer Zelle® in their apps.
- More than P2P: Disbursements increased 87% quarter-over-quarter; while growth in Zelle® for Small Business resulted in nearly eight million employees, contractors, and customers receiving payments from small businesses.
In the past five years, consumers and businesses, small and large, have sent more than five billion Zelle® payments, totaling nearly $1.5 trillion, according to Early Warning Services, LLC, the network operator of Zelle®.
Zelle® users have leveraged the convenience and security of Zelle® to gift money, pay rent, reimburse friends and family for shared costs, receive reimbursements, or access money in critical moments, usually within minutes using Zelle®.
"Zelle® has transformed the way more than a hundred million people move money and conduct digital transactions," said Al Ko, Chief Executive Officer at Early Warning. "We are part of consumers' everyday lives and committed to being their trusted source for digital payments that are easy to use and don’t require the sharing of any bank account information. Thanks to our financial institution participants, reseller partners, and employees, we continue to innovate and expand adoption while enhancing protection measures."
Commitment to Safe Payments
The network has achieved more than 99.9% of payments sent without any report of fraud or scams. Zelle® and its participating financial institutions are continuously evolving and adapting consumer protection measures to address the dynamic nature of deceptive activities. For instance, real-time safety notifications (within the user experience and payment flow) alert users to only use Zelle® when sending money to people they know and trust.
In addition to the extensive education that financial institution participants deliver to their customers, Zelle® partners with non-profits, consumer safety organizations, influencers, and enterprises. By collaborating with The Cybercrime Support Network, Detroit Pistons, EVERFI, Nev Shulman, The Knoble, and Vox Media, the company continuously educates consumers on how to stay safe when using digital payments such as Zelle®. The recently launched Zelle® Learning Hub is another resource that helps consumers make smart financial decisions that begin with education.
Empowering all Communities with Real-Time Access to Payments: Nearly 1700 Financial Institutions Now Offer Zelle®
The Zelle Network® is open to any size financial institution that wants to give its customers access to real-time payments. Today, nearly 1700 banks and credit unions, including 100+ MDIs, offer Zelle® in their app. Throughout the past year, the company worked with its resellers on rebate programs for qualifying MDIs that sign up to offer Zelle®, giving their customers equitable access to financial services with additional tools to help meet their financial goals.
Disbursements, Business Payments Lead the Way in Q2 2022
Fortune 500 companies, including major online retailers, educational institutions, and national non-profits, are disbursing funds—tuition, rebates, settlements, insurance payments— as a fast and safe alternative to sending checks. In Q2 2022, the Zelle Network® achieved an 87% quarter-over-quarter increase in disbursement transactions. In addition, nearly eight million employees, contractors, and customers received payments from small businesses.
"Increased Zelle® usage by small businesses year over year is impressive," said Erika Bauman, director of commercial banking and payments at Aite-Novarica. "Our research shows that business adoption has more than doubled across the market. The rapid growth of Zelle® is due to greater efficiency, access to funds, and increased recipient satisfaction."
Overall payments in Q2 2022 equated to $155 billion sent through the Zelle Network® on 554 million transactions. Year-over-year payment values increased by 29%, while payment volume increased by 27%.
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 and businesses to send fast digital payments to people and businesses they know and trust with a bank account in the U.S. Funds are available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and its participating financial institutions, visit www.zellepay.com.
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 www.earlywarning.com