Early Warning Services, LLC, the network operator behind Zelle, revealed on May 5, 2021 that $106 billion was sent via the Zelle Network on 392 million transactions during Q1 2021.
As noted in the release:
“Year-over-year sent payment values increased by 74%, while payment transactions increased by 61%. Zelle® Small Business continues to be one of the fastest growth areas for the Zelle Network®, with transactions increasing 180% year-over-year.”
As mentioned in the release, consumers of almost 8,000 financial institutions are now taking part in the Zelle Network, whether that’s accessing Zelle via their financial service provider’s mobile banking app or enrolling their debit cards in the Zelle mobile app.
Al Ko, CEO at Early Warning, stated:
“Every month, tens of millions of people use Zelle® in their financial institutions’ mobile apps to send and receive money with friends, family, and businesses. By offering Zelle®, financial institutions are increasing customer engagement across all their digital banking services and remaining at the center of the modern banking experience. We continue to focus on increasing adoption among consumers and businesses alike, while also reinforcing how to use digital payments safely.”
Via its Pay It Safe initiatives, Zelle teams up with various organizations to provide free-of-cost financial education to consumers through “modern banking courses and consumer protection resources.”
The release also mentioned that “through a strategic partnership with EVERFI—the leading social impact education technology company—Zelle has reached more than 39,000 students in 47 states.”
The announcement further noted:
“Results show that high school students achieved a 39% average knowledge gain after taking the Zelle Money Moves: Modern Banking & Identity Protection™ course. The Cybercrime Support Network recently announced a partnership with Zelle, and this partnership will spread awareness and educate consumers and small businesses on avoiding financial fraud and scams.”
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 release noted while adding that The Zelle Network “connects financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people 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.”
Early Warning Services, LLC is a Fintech firm that’s owned by seven of the largest banking institutions in the United States. For nearly 30 years, their identity, authentication and payment solutions have been “empowering financial institutions to make confident decisions, enable payments and mitigate fraud.”
Early Warning is “best known as the owner and operator of the Zelle Network, a financial services network focused on transforming payment experiences.”