SCOTTSDALE, Ariz., Oct. 22, 2019 /PRNewswire/ -- Early Warning Services, LLC, the network operator behind Zelle®, today announced $49 billion was sent through the Zelle Network® on 196 million transactions during Q3 2019. Year-over-year payment values increased by 58%, while transaction volume increased by 73%.
Currently, more than 600 financial institutions are contracted to participate on the Zelle Network, including 254 that are online today and processing transactions.
The Zelle® App provides an option for consumers who don't already have access to Zelle in their mobile banking apps. In addition to the 254 financial institutions online today and processing transactions, an additional 5,516 banks are represented in the Zelle Network via their customers using the Zelle app.
"Today, one in two adults1 with a U.S. bank account have access to Zelle in their mobile banking app," said Lou Anne Alexander, Group President, Payments Solutions at Early Warning. "Consumers are turning to Zelle through their financial institution's bank app, as a convenient way to pay each other without needing to download another app. By connecting financial institutions of all sizes, we have enabled consumers to send fast payments to friends and family. Thanks to our partners, we are changing the way money moves today and influencing how it moves in the future."
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 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. To learn more about Zelle and its participating financial institutions, visit www.zellepay.com.
About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country's largest banks. For almost three decades, our identity, authentication and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as 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. To learn more about Early Warning, visit www.earlywarning.com
Zelle and the Zelle related marks are property of Early Warning Services, LLC.
1 Sources: Census, FDIC, Bank reported data—2019
SOURCE Early Warning Services, LLC