BROOKFIELD, Wis.— Fiserv is reporting nearly 600 financial institutions have selected Turnkey Service for Zelle from Fiserv, with more than 360 making their selection in 2019.
According to the company, the number of financial institutions that are live on Turnkey Service for Zelle has increased tenfold compared to a year ago, and there has been 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%, while the number of people using Zelle via Fiserv to receive money increased 145%, Fiserv said. The company added the number of transactions increased 207% year-over-year, Fiserv said.
Zelle allows consumers to send and receive money directly from one U.S. bank account to another, typically within minutes when both parties are already enrolled, Fiserv said. The company added Turnkey Service for Zelle streamlines the onboarding process for financial institutions connecting to Zelle, helping to reduce costs and accelerate time to market.
Patelco, SunWest Using Zelle
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,” said Kevin Landel, senior vice president of Innovation and Payments Strategy at the $7.3-billion Patelco Credit Union in California, in a statement. “This provides our members maximum flexibility to help them achieve financial health and wellbeing, our core mission at Patelco.”
“Keeping up with continually changing consumer expectations is an ongoing challenge for retail financial institutions,” said Tom Allanson, president, electronic payments, Fiserv. “Technology can level the playing field, and Turnkey Service forZelle enables financial institutions of all sizes to offer P2P payments and grow customer interactions.”