Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Alabama-based CB&S Bank has become the 500th financial institution to go live on the Zelle Network® via Fiserv.
As the list of banks and credit unions enabling person-to-person (P2P) payment capabilities with Turnkey Service for Zelle continues to grow, those financial institutions are also finding a path to real-time payments processing, one of the fastest-moving developments in the financial industry.
“We’ve put a lot of work into helping financial institutions get ahead of the proliferation of real-time payments,” said Matthew Wilcox, president, Digital Payments and Data Aggregation at Fiserv. “Our NOW® gateway, the connection point for real-time delivery, comes with every Zelle installation. It provides the foundation for real-time money movement and enables a number of other Fiserv payment applications including TransferNow®, our account-to-account (A2A) solution.”
“P2P is more important than ever, as the pandemic fuels transaction volume,” added Rory Ragsdale, vice president, Professional Services at Fiserv. “We’re continually improving the speed at which clients go live once they join the network, and we’re seeing double- and triple-digit adoption growth among consumer users of the service.”
Zelle allows consumers to send and receive money directly from one U.S. financial institution account to another, typically within minutes when both parties are already enrolled. That speed factored strongly in CB&S Bank’s decision to join the network.
“Customer service is paramount for us, and in today's environment that means providing our customers with the ability to send and receive money quickly and securely without having to physically be in contact with one another,” said Justin Hof, Senior Executive Vice President and Chief Digital Officer at CB&S Bank. “To achieve this, we entrusted Fiserv to integrate Zelle access into our mobile banking app and internet banking to promptly meet our customers’ needs.”