Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.
This past weekend p2p payments platform Zelle started a marketing push in 6 major US markets; Early Warning, Zelle’s owner, started the ads during last weekends NFL football games and has plans to further advertise during the Grammy Awards, the NBA All-Star Game and more upcoming events; while Zelle has past Venmo in volume the platform is not nearly as widely known and it isn’t entirely clear how many users they have because it is integrated with your banking app; the company also plans to do a push in print and digital ads over the coming months. Source.
The real time payments network Zelle has added new tech partners to their growing network; partners include ACI Worldwide, CGI, D3 Banking Technology and IBM; the new partners will help to accelerate technology, reduce risk and control costs for Zelle as their payments network grows over time. Source.
In Austin last week American Banker hosted their annual Digital Banking Conference where banks of all sizes gathered to discuss...
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
US Bank saw a 104 percent increase in Zelle transactions the past four months and a 50 percent increase in customer enrollment in the peer to peer payment offering; this is another success story for Zelle as they have seen significant usage in their product with $33.6bn in volume versus $14.8bn by Venmo; Zelle is integrated with over 40 banks and has reached over 85 millions users. Source.
The partnership between IBM and Zelle is meant to accelerate and simplify payments through real time processing; they also will help to enable same day deposits, bill pay, less fees and seamless cash flow; Zelle is now working with over 20 banks and plans to reach 85 million consumers by end of year. Source.
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