Zelle and Fiserv Introduce Program to Bring Real-Time P2P Payments to Minority Depository Institutions

Early Warning Services, LLC, the network operator behind Zelle, and Fiserv, Inc. (NASDAQ: FISV), an international provider of payments and financial services tech, in partnership with financial institutions, “empower minority and underserved communities to access real-time payments through Zelle.”

The two organizations are each providing a rebate to qualifying minority depository institutions (MDIs) that “sign up to offer Zelle,” the announcement noted.

As stated in a release, Banesco USA is the most recent MDI to “join the Zelle Network.” Banesco USA offers banking services “to diverse communities and is a leading community bank in technological innovation.”

Lou Anne Alexander, Chief Product Officer at Early Warning, stated:

“MDIs play a crucial role for minority and underserved communities, including both consumers and small businesses. By partnering with Fiserv, we make it even easier for these financial institutions to access the Zelle Network®, giving their customers additional tools to help meet their financial goals.”

Banesco USA clients are able to look for Zelle in their BanescoMobile banking app to send funds to friends and family members, “wherever they bank in the U.S.”

Money sent with Zelle “goes directly from one bank account in the U.S. to another, using only a recipient’s email address or U.S. mobile number,” the update noted while adding that the funds are usually “available within minutes when both parties are already enrolled with Zelle.”

Gustavo Rengifo, SVP Products and Digital Banking Officer at Banesco USA, remarked:

“We’re focused on building long-lasting relationships with our customers, and that means continually evolving our offerings to meet their needs. The addition of Zelle® expands our current money movement capabilities with a real-time digital payment option that offers the speed and ease of use people expect.”

Neil Wilcox, Head of Corporate Social Responsibility at Fiserv, added:

“Fiserv chooses to stand for diversity and inclusion, and we are committed to help enable equitable access to financial services. Real time payments, such as those made through Zelle®, empower people to better manage their financial lives, and MDIs play a key role in bringing these capabilities to the historically underserved communities who can benefit from them most.”

Consumers should only use Zelle “to send and receive money with friends, family and people they know and trust,” the update noted.

Now through June 30, 2022, eligible MDIs are able to “sign and submit their participant agreement to receive special rebates,” the announcement confirmed.

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