News

Additional FIs enable P2P payments with Turnkey Service for Zelle from Fiserv

October 12, 2018

Fiserv Inc., a provider of financial services technology solutions, has announced thata new round of financial institutions have signed on to to join the Zelle P2P Network through Turnkey Service for Zelle from Fiserv.

According to a press release, Fiserv Inc. will enable the Zelle Network for Bank of the West, Comerica Bank, Dollar Bank, Navy Federal Credit Union, Zions Bancorporation N.A. and others.

The company's turnkey service streamlines the onboarding process for FIs connecting to Zelle, helping to reduce costs and accelerate time-to-market. More than 100 banks and credit unions have now selected Fiserv to enable Zelle, the release said.

Zelle allows consumers to send money from their bank account directly to another individual, either online or via mobile, with remitted funds available within minutes when both parties are registered with the service.

In the second quarter of 2018, more than 100 million transactions and $28 billion in payments moved through the Zelle Network. The service is averaging 100,000 new user enrollments daily, according to the release.

"For today's consumer, convenience is paramount, and when it comes to moving money trust is vitally important," Tom Allanson, Fiserv president of electronic payments, said in the release. "With Turnkey Service for Zelle, banks and credit unions of all sizes can offer people a way to send money to those they know through their trusted financial institution, providing one more way to strengthen the customer connection."