Business continues to boom on digital payments network Zelle, which processed 392 million transactions in the first quarter of 2021. The speedy payments service gained ground in the pandemic as digital commerce surged.
Early Warning Services, the corporate parent of Zelle, said in a Wednesday (May 5) press release that the payments network processed $106 billion in the first quarter. Early Warning is a financial technology company (FinTech) owned by seven banks — Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank and Wells Fargo.
The reach of the network, on the other hand, has customers of 8,000 financial institutions (FIs) using the Zelle Network. They access the payments network through their FI’s mobile banking app or by enrolling their debit cards in Zelle’s mobile app.
Compared to the same quarter of last year, the number of transactions rose by 61 percent. The release added that the value of payments was up by 74 percent.
Early Warning said its servicing of small and medium-sized businesses (SMBs) “continues to be one of the fastest growth areas for the Zelle Network,” with transactions increasing 180 percent compared to the same period the previous year.
Today, consumers of nearly 8,000 financial institutions participate in the Zelle Network®, whether accessing Zelle® through their financial institution’s mobile banking app or enrolling their debit cards in the Zelle® mobile app.
“Every month, tens of millions of people use Zelle … to send and receive money with friends, family, and businesses,” said Early Warning Services CEO Al Ko. He said the company is looking to increase adoption of the service “among consumers and businesses alike, while also reinforcing how to use digital payments safely.”
Commenting on his company last year, Ko said, “We continue to grow our network, welcoming financial institutions of all sizes.”
Early Warning said it has been providing identity, authentication and payment services to financial institutions for almost three decades.