Early Warning Services, LLC, the network operator behind Zelle, has shared its Q2 2021 transaction results, which include signed financial institutions representing over 500 million DDA accounts.
During Q2 2021, the Zelle Network handled $120 billion on 436 million transactions. YoY sent payment values “increased by 68%, while payment transactions increased by 58%.”
Financial institutions (FIs) participants with less than $10 billion in assets “now account for 40% of the Zelle Network,” the report revealed while pointing out that Syracuse Fire Department Employees Federal Credit Union joins the network “as the 1,000th FI to go live with Zelle.”
Andrea Thune, CEO of Syracuse Fire Department Employees Federal Credit Union, stated:
“By offering Zelle in our app, we are giving our 6,000 members a convenient way to transact digitally .Our members are considered part of our family and rely on us for banking services that adapt to their lives. By joining the Zelle Network, we now give them a service that allows them to transact with their friends and family no matter where they may bank.”
Al Ko, CEO of Early Warning, remarked:
“Zelle® plays the role of digital cash for tens of millions of people and businesses, giving them a fast, easy and safe way to send and receive money in an app they use and trust. First responders and their families are an important community, and it is an honor for Zelle® to now be a part of the financial services offered by Syracuse Fire Department Employees Federal Credit Union.”
As mentioned in the report, Zelle Small Business Transactions surged 157% YoY. With the challenges of the past 18 months, businesses of all sizes have “leveraged Zelle when checks and cash were no longer options” and Zelle Small Business continues “to be a fast-growth area in the network, growing 157% YoY,” the report noted.
Consumers may use Zelle to send and receive money “with friends, family, and people they know and trust,” the update stated.
Brought to you by Early Warning Services, LLC, a company specializing in payment and risk management services, Zelle aims to make 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 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 is owned by seven of the nation’s biggest banking institutions. For around 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 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 “enable the financial services industry to move money fast, safe and easy, so people can live their best financial lives.”