Source: Fifth Third Bank
Fifth Third Bank announced today that it will join Early Warning’s Zelle Network to offer customers a safe and fast way to make person-to-person (P2P) payments.
With Zelle, money can be sent by simply using the recipient’s mobile number or email address. Fifth Third customers will have access to real-time payments with Zelle in 2017.
“Fifth Third is excited to offer additional services to our customers allowing them to make P2P payments that are simple, safe and received in real time,” said Greg Carmichael, CEO and president of Fifth Third Bancorp. “We are looking forward to working with Early Warning to offer Zelle and continue to enable customers to bank when they want and how they want.”
About 15 percent of consumers say they make P2P payments daily or weekly, according to a 2015 study on digital payments. But many current products don’t allow immediate payments. More than half of consumers surveyed said they would use P2P more often if payments were immediate.1
“We looked at what our customers want, and they want making payments to be fast and simple,” said Chad Borton, Fifth Third’s head of Consumer Banking. “Zelle combined with our award-winning mobile solution provides our customers with another option to manage their financial needs.”
Accessing Zelle through Fifth Third is free and makes it easy to send money to a friend, whether to split the cost of dinner or pay the rent on an apartment.
“The addition of Fifth Third represents a significant milestone as Early Warning continues to expand the Zelle Network making faster, safer payments accessible to almost anyone nationwide,” said Paul Finch, chief executive officer for Early Warning. ”Fifth Third is a leader in innovation, and Earning Warning is pleased to work together to provide Fifth Third customers with access to faster P2P payments through Zelle.”
Zelle is safe: Fifth Third customers will benefit from the convenience of real-time P2P payments and the security that banks provide their customers.
Zelle is fast: Zelle will enable Fifth Third customers to send and receive faster payments, with funds accessible by the recipient within minutes.
Zelle is simple: Fifth Third customers can use Zelle through their Fifth Third mobile banking app.*
*Mobile Internet data charges may apply as well as text messaging charges. Contact your mobile service provider for details.
1 According to a 2015 Accenture study that surveyed 4,000 adults in the U.S. and Canada.