A growing number of financial institutions are enhancing their person-to-person (P2P) payment capabilities by joining the Zelle Network® via Fiserv.
Bank of the West, Comerica Bank, Dollar Bank, Navy Federal Credit Union, and Zions Bancorporation, N.A. are among the most recent to go live on Turnkey Service for Zelle® from Fiserv to facilitate an efficient connection to the network. In total, more than 100 banks and credit unions have selected Fiserv to enable Zelle and are currently live or will be going live in the future.
Zelle allows consumers to send money directly from their online banking accounts and mobile banking apps with access to funds within minutes when both parties are already registered1. In 2017, the Zelle Network processed more than 247 million transactions, totaling $75 billion in funds. In the second quarter of 2018, more than 100 million transactions and $28 billion in payments moved through the Zelle Network. Zelle is averaging approximately 100,000 enrollments per day. With consumer demand for Zelle growing, financial institutions are seeking to enable the service quickly to meet consumer demand and enable an easy payments experience.
"Our customers trust us to deliver capabilities that align to the digital way they live today," said Hisham Salama, executive vice president and head of digital channels, Bank of the West. "Zelle makes it possible for people to send and receive money when and how they want. With consumer familiarity and product functionality continuously growing, this was the right time for us to begin offering the service."
"People are looking for quick, easy and secure ways to send money," said James Manseau, executive vice president and chief retail banking officer at New York-based BNB Bank, which has signed for Turnkey Service for Zelle . "As a community bank in a competitive market, we rely on our partnership with Fiserv to help us remain on the forefront of payment trends. Zelle fits the bill for our clients because it integrates within our mobile banking app, allowing them to send money to almost anyone they know."
Arvest Bank, BECU, Regions Bank, Washington Federal and Vystar Credit Union are among the additional financial institutions committed to enable Turnkey Service for Zelle.
"For today's consumer, convenience is paramount, and when it comes to moving money trust is vitally important," said Tom Allanson, president, Electronic Payments, Fiserv. "With Turnkey Service for Zelle banks and credit unions of all sizes can offer people a way to send money to those they know through their trusted financial institution, providing one more way to strengthen the customer connection."
Turnkey Service for Zelle streamlines the onboarding process for financial institutions connecting to Zelle, helping to reduce costs and accelerate time-to-market.
1 Transactions typically occur within minutes between enrolled users. If a recipient is not enrolled with Zelle, it could take 1 to 3 business days to receive the money once enrollment is completed.