US Banks Double Down On Zelle, Instant Payments Network

The Zelle instant payments network will start appearing as a mobile and digital payments option for consumers in a move that Reuters reported comes as financial firms in the United States make a bid to compete with Venmo and others firms. The new technology initiatives will involve streamlining and making payments (triggered by buttons on consumer screens) across a uniform platform.

The newswire said Monday (Oct. 24) that, beginning next year, 20 banks will adopt the Zelle name and apps across mobile functions.

The newswire said that the ultimate goal is to bring credit unions’ and bank firms’ customers, numbering 100 million strong, to digital payments, alongside whatever other methodologies they might use. The payments tool, said Reuters, can be used to split bills among several individuals.

The banks might have a competitive edge, in part, as they have scale. In one example, JPMorgan Chase has its “Quick Pay,” which processed more than $7 billion in transactions in September. And, said Reuters, the banks in the consortium launching next year have reach across 76 million consumers.

Separately, financial services firm Fiserv has said that a number of financial firms, including Ally Bank and Bank of the West, are teaming up with Early Warning’s Zelle network. The firm said at Money20/20 that the Zelle offering will be offered across a single platform.