In the past five years, consumers and businesses, small and large, have sent more than five billion Zelle payments, “totaling nearly $1.5 trillion,” according to Early Warning Services, LLC, the network operator of Zelle.
Zelle users have “leveraged the convenience and security of Zelle to gift money, pay rent, reimburse friends and family for shared costs, receive reimbursements, or access money in critical moments, usually within minutes using Zelle.”
Al Ko, Chief Executive Officer at Early Warning, said:
“Zelle® has transformed the way more than a hundred million people move money and conduct digital transactions. We are part of consumers’ everyday lives and committed to being their trusted source for digital payments that are easy to use and don’t require the sharing of any bank account information. Thanks to our financial institution participants, reseller partners, and employees, we continue to innovate and expand adoption while enhancing protection measures.”
The network has reportedly “achieved more than 99.9% of payments sent without any report of fraud or scams.”
Zelle and its participating financial institutions are “continuously evolving and adapting consumer protection measures to address the dynamic nature of deceptive activities.”
For instance, real-time safety notifications (within the user experience and payment flow) alert users “to only use Zelle when sending money to people they know and trust.”
In addition to the extensive education that financial institution participants deliver to their customers, Zelle partners “with non-profits, consumer safety organizations, influencers, and enterprises.”
By collaborating with The Cybercrime Support Network, Detroit Pistons, EVERFI, Nev Shulman, The Knoble, and Vox Media, the company “continuously educates consumers on how to stay safe when using digital payments such as Zelle.”
The recently launched Zelle Learning Hub is “another resource that helps consumers make smart financial decisions that begin with education.”
The Zelle Network is “open to any size financial institution that wants to give its customers access to real-time payments.”
Today, nearly 1700 banks and credit unions, including 100+ MDIs, “offer Zelle in their app.”
Throughout the past year, the company worked “with its resellers on rebate programs for qualifying MDIs that sign up to offer Zelle, giving their customers equitable access to financial services with additional tools to help meet their financial goals.”
For more details on this update, check here.