Quarter-over-Quarter Zelle Network® Continues with Double-Digit Increases in Transaction Volume and Value as More Financial Institutions Join the Network
During Q3 2018 (July – September), 116 million transactions took place on the Zelle Network® for a total of $32 billion in payments. Transaction volume increased 16% quarter-over-quarter (QoQ), and total money moved increased 13%. Financial Institution (FI) participants contributed to an enrollment increase of 10% QoQ, resulting in more than 75 million tokens—mobile numbers or email addresses— across the entire Zelle Network to date.
Zelle is for all financial institutions.
Since June 2017, a diverse set of financial institutions (FI) have joined the network, including national banks, credit unions, and regional and community banks. Fifty seven (57%) of participants lists assets less than or equal to $10 billion while 34% of participants lists assets less than or equal to $1 billion.
“As we strive for ubiquity, we are working closely with banks and credit unions of all sizes in offering a fast and consistent payments experience,” said Paul Finch, CEO, Early Warning. “Zelle is one of the fastest growing consumer financial brands in history and we are proud of our momentum, especially this quarter as we signed more than 40 financial institutions to our network through partnerships with our processors CO-OP, FIS, Fiserv, and Jack Henry & Associates. These partnerships are helping financial institutions stay at the center of their customer’s financial lives.”
Since Q3 2017, transaction volume across the Zelle Network increased 83% while transaction value increased 67%.
“In the last 12 months, Zelle has processed more than 375 million transactions valued at $106 billion,” said Lou Anne Alexander, Group President of Payments, Early Warning. “Zelle is continuing to be at the forefront of consumers’ lives, as they look to move money in the moment, whether it be paying rent, sending money for emergencies or sharing the cost of utilities, meals and everyday experiences.”
Using only an e-mail address or a U.S. mobile phone number, Zelle allows consumers to send money directly from one deposit account to another with funds available for use typically within minutes when both parties are already enrolled.
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle makes it easy, fast and safe for money to move. The Zelle Network® connects the nation’s leading financial institutions, 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 https://www.zellepay.com.
About Early Warning
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 easier, faster, and safer. Learn more at earlywarning.com.