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Zelle Network posts 58% yearly increase in payment values

Source: Early Warning Services

Early Warning Services, LLC, the network operator behind Zelle®, today announced $49 billion was sent through the Zelle Network® on 196 million transactions during Q3 2019. Year-over-year payment values increased by 58%, while transaction volume increased by 73%.

Currently, more than 600 financial institutions are contracted to participate on the Zelle Network, including 254 that are online today and processing transactions.

The Zelle® App provides an option for consumers who don’t already have access to Zelle in their mobile banking apps. In addition to the 254 financial institutions online today and processing transactions, an additional 5,516 banks are represented in the Zelle Network via their customers using the Zelle app.

“Today, one in two adults1 with a U.S. bank account have access to Zelle in their mobile banking app,” said Lou Anne Alexander, Group President, Payments Solutions at Early Warning. “Consumers are turning to Zelle through their financial institution’s bank app, as a convenient way to pay each other without needing to download another app. By connecting financial institutions of all sizes, we have enabled consumers to send fast payments to friends and family. Thanks to our partners, we are changing the way money moves today and influencing how it moves in the future.”

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