Fiserv, Inc. (NASDAQ: FISV), a global provider of financial services technology solutions, announced today that multiple banks and credit unions will join the Zelle Network℠ through Turnkey Service for Zelle℠ from Fiserv, allowing consumers to make fast person-to-person (P2P) payments directly from their online banking sites and mobile banking apps.
This is the second Zelle news for today as Payfone announced earlier that has signed an agreement with Early Warning Services to provide mobile authentication technologies for Zelle.
Zelle is a new P2P payments network from Early Warning that can allow for funds to be sent from one bank account to another in minutes, using only a recipient’s email address or mobile number.
Among the financial institutions that will be enabling P2P payments via Turnkey Service for Zelle is Citizens Bank, one of the nation’s largest financial institutions.
Citizens is leveraging innovative digital technologies that create better end-to-end experiences in the areas that matter most to our customers,” said Brad Conner, vice chairman and head of Consumer Banking, Citizens Bank. “We want to be the first place our customers turn when they need to send or receive money, and becoming part of the Zelle Network via Fiserv will allow us to deliver a convenient, user-friendly person-to-person payments experience to help our customers bank when, where and how they prefer.
Additional banks and credit unions that have chosen Turnkey Service for Zelle include Dollar Bank, First National Bank of Pennsylvania and SchoolsFirst Federal Credit Union. They join previously announced clients Ally Bank, Bank of the West and BECU.
Turnkey Service for Zelle offers all the elements of the Zelle solution in a single platform to reduce costs and speed time to market for financial institutions.
According to a recent report from payments industry analyst firm Aite Group, Digital Person-to-Person Payments in the U.S.: The Competitive Landscape, financial institutions held 83 percent of the digital P2P market share in 2016, compared to alternative payment providers’ 17 percent. The same report also showed that in 2015, most American consumers still used cash and checks for P2P payments, indicating an opportunity for overall digital payments growth.
Be it a long-distance emergency such as a family member needing money for urgent expenses, a rent payment that needs to be made right away, or a last-minute birthday gift, when life happens consumers often need to be able to move money immediately,” said Kevin Schultz, group president, Digital Banking, Fiserv. “Financial institutions that are part of the Zelle Network have an opportunity to capitalize on consumer preferences for faster P2P payments.