More than 200 banks and credit unions in 2020 have gone live on the Zelle Network via Fiserv to enable financial institutions’ enhanced and person-to-person payment capabilities, according to a press release.
Fiserv, a global provider of financial services technology solutions, has enabled implementation of P2P payments via a turnkey service for Zelle. Fiserv has optimized the path from pipeline to go live so that banks and credit unions can get their customers up and running faster.
“We chose Zelle because we wanted to offer our customers an innovative way to send money quickly via P2P,” said Jackie Katz, vice president of retail banking at Chicago’s Federal Savings Bank. “We had been offering a different service, but it did not have the speed or name recognition. Since moving to Zelle via Fiserv, we have seen a nearly 1000% increase in transactions.”
Zelle consumers can send and receive money directly from one U.S. financial institution account to another, typically within minutes, when both parties are already enrolled.
“We’ve seen consistent growth in P2P payments every month for the past three years, and the recent pandemic has accelerated that trend,” said Tom Allanson, president, Electronic Payments at Fiserv. “The number of financial institutions offering Zelle via Fiserv has more than doubled in 2020, expanding access to easy, fast and secure digital payments at a time people need them most.”