Early Warning Services, the network operator of Zelle has reported strong second quarter growth for the service. Specifically, total Zelle transaction volume was 705 million with a value of $197bn, 10% and 9% quarter-on-quarter growth, respectively. And now, more than 50% of minority depository banks in the US offer Zelle.
“At a time when technology is integral to bolstering customer growth, the National Bankers Association prioritises partnerships with tech providers that strengthen banking services to small businesses and consumers,” said Nicole Elam, President and CEO of National Bankers Association, which supports America’s minority-owned and -operated banks. “We support the minority banks utilising the payment platform Zelle because of their unique role in providing financial services to communities.”
Over 2,100 bank and credit union brands now offer Zelle to their customers, consumers and small businesses. This represents more than 80% of Us deposit accounts. MDI banks on the Zelle Network increased by 26% year-over-year.
Enhanced security measures
All banks and credit unions on the Zelle Network must implement Risk Insights for Zelle. This free service gives institutions recipient risk attributes to assess potentially high-risk transactions and ultimately reduce fraud and scams. In addition, the network has a new consumer reimbursement benefit for specific scam types.
In 2023, Early Warning partnered with the Better Business Bureau Institute and their Corporate Trust Council. This is a coalition of companies dedicated to helping people avoid scams through education. The company also partners with the National Council on Aging (NCOA), working with the organisation to develop and publish educational content on avoiding payment scams aimed at older Americans.