BROOKFIELD, Wis.—Fiserv has announced that multiple banks and credit unions will join the Zelle Network through Turnkey Service for Zelle from Fiserv, which the company said will allow consumers to make fast person-to-person (P2P) payments directly from their online banking sites and mobile banking apps.
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 most recent financial institutions that will be enabling P2P payments via Turnkey Service for Zelle is Citizens Bank. 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, Fiserv stated.
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, the company said.
“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% of the digital P2P market share in 2016, compared to alternative payment providers’ 17%. 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,” Fiserv said.
“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.”