Zelle Sees Jump in Volume Due to Big Banks

P2P payments app Zelle saw a 60 percent jump in volume during the 4th quarter, 40 percent of which came from Bank of America; Bank of American has been pushing Zelle to its clients and the outreach has worked; 60 institutions are live on the Zelle network with an additional 170 committed to the company and awaiting on-boarding; “We’re seeing some improvements in the on-boarding process enabling acceleration of the rollout,” Lou Anne Alexander, Early Warning’s group president of payments, said in an interview with American Banker; Zelle saw average transaction size drop from $400 to $248, showing that Zelle was being used for small payment amounts. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments