26 April 2017
Find out more

US banks rebrand P2P payments service to take on Venmo

25 August 2016  |  7206 views  |  1 Hipster teens with phone

America's banks are stepping up their assault on Venmo by rebranding their clearXchange person-to-person payments service to the more consumer-friendly Zelle.

Run by Early Warning for its owners - Bank of America, JPMorgan, Wells Fargo, Capital One and US Bank - clearXchange lets users send funds directly from their bank accounts to the recipients' using only an email address or mobile phone number.

The service has been running for several years, but promoted as a corporate brand. Now, having recently struck deals with Visa and MasterCard that paves the way for debit card-based transactions on the platform, increasing its availability, Early Warning is preparing to push its way into the public's consciousness.

As first reported by the Wall Street Journal, the 'Zelle brand is set to be unveiled in October. The name may be linked to the gazelle, the fleet-footed antelope, although, as the Journal notes, according to Urban Dictionary, zelle is defined as "best girl ever".

Comments: (1)

Chris Yaldezian
Chris Yaldezian - IBM (Software Group) - San Ramon | 25 August, 2016, 18:42

And, I am sure that the US sponsering banks are hoping that Zelle is the best P2P app ever....however I am glad to see the banks responding to the Venmo challenge.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ClearXchange P2P payments network expands through Visa and MasterCard deals

ClearXchange P2P payments network expands through Visa and MasterCard deals

02 August 2016  |  11226 views  |  3 comments | 14 tweets | 14 linkedin
FTC investigates Venmo over possible 'deceptive or unfair practices'

FTC investigates Venmo over possible 'deceptive or unfair practices'

29 April 2016  |  7026 views  |  0 comments | 10 tweets | 7 linkedin
US Bank and Bank of America switch on real-time mobile P2P

US Bank and Bank of America switch on real-time mobile P2P

09 March 2016  |  9788 views  |  2 comments | 15 tweets | 20 linkedin
Apple talks to banks about P2P mobile payments service - WSJ; Cook predicts death of cash

Apple talks to banks about P2P mobile payments service - WSJ; Cook predicts death of cash

11 November 2015  |  13054 views  |  3 comments | 31 tweets | 40 linkedin
US bank-owned clearXchange introduces real-time payments

US bank-owned clearXchange introduces real-time payments

15 June 2015  |  8652 views  |  2 comments | 10 tweets | 8 linkedin
Capital One takes stake in ClearXchange

Capital One takes stake in ClearXchange

19 February 2014  |  4938 views  |  1 comments | 3 tweets | 2 linkedin
US banks roll out P2P payments platform

US banks roll out P2P payments platform

24 May 2012  |  11902 views  |  2 comments
US banks unite to take on PayPal with clearXchange joint venture

US banks unite to take on PayPal with clearXchange joint venture

25 May 2011  |  14015 views  |  4 comments

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out morevisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
17804 views 0 | 3 tweets | 14 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
12807 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11809 views comments | 31 tweets | 20 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9932 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9040 views comments | 14 tweets | 15 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job