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February 24, 2020updated 04 Mar 2020 2:59pm

Nearly 600 banks, credit unions join Zelle from Fiserv

By Douglas Blakey

Nearly 600 financial institutions have now selected Turnkey Service for Zelle from Fiserv. Furthermore, more than 360 financial institutions joined the Zelle Network via Fiserv in 2019.

As a result, the number of financial institutions live on Turnkey Service for Zelle has increased tenfold compared to a year ago. Moreover, there is expansive growth in both the number of people transacting and the number of transactions processed through the service.

In 2019, the number of people using Zelle via Fiserv to send money increased 116%. At the same time, the number of people using Zelle via Fiserv to receive money increased 145%. The number of transactions increased 207% year-over-year.

Specifically, the Zelle Network enables person-to-person (P2P) payment capabilities. Zelle allows consumers to send and receive money directly from one US bank account to another, typically within minutes when both parties are already enrolled. Turnkey Service for Zelle streamlines the onboarding process for financial institutions connecting to Zelle. This helps to reduce costs and accelerate time to market.

Patelco Credit Union and SunWest Federal Credit Union are among the financial institutions that have selected Zelle.

“With Zelle, our members will have the ability to send and receive funds fast. And maintain control of their money by timing payments deliberately, even down to the hour,” says Kevin Landel, senior vice president of Innovation and Payments Strategy at the $7.3bn Patelco Credit Union of California.

‘Zelle’: number one word for search on SunWest site

“This provides our members maximum flexibility to help them achieve financial health and well-being, our core mission at Patelco.”

“We initially took a ‘wait and see’ approach when it came to Zelle,” says Katie Defeo, marketing director at SunWest Federal Credit Union. “Then we saw that the number one word being searched on our website was ‘Zelle’, and we changed our minds. We realised this was something our members were seeking. Turnkey Service for Zelle offered a practical way for us to get started.”

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