OP to provide RealPay gateway to Zelle Network

OP to provide RealPay gateway to Zelle Network

Although details are now scarce, Zelle will replace an clearXchange, a bank-owned platform and joint-venture created by three of the biggest US banks in JPMorgan, Bank of America and Wells Fargo, in 2011. But Zelle is instantaneous - money is immediately sent to the account of the person being paid. Several banks already have had their own digital payments services, like JPMorgan's QuickPay, or Citibank's PopMoney, but none have caught on widely. Zelle will launch in early 2017 and will be directly embedded within mobile banking channels of its network banks. Early Warning's clearXchange network provides the service and has also signed Citigroup, Chase Bank, Wells Fargo, BNY Mellon, Capital One and many others. Zelle will gain a presence as a public consumer application that will see compatibility among several large and prominent US banks.

USA households made more than $1.2 trillion in person-to-person payments in 2014, according to Aite Group.

Zelle has its work cut out for it if the service wants a shot at Venmo's ubiquity, but its instant-transfer benefits and partnerships with banks people actually use could resonate with folks who depend on these types of apps to give and receive money.

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"This is about creating a wide, and inclusive, alternative to cash and checks for everyone", said Mr Finch, who was at the Money 20/20 payments industry conference in Las Vegas to promote Zelle for its bank owners. Nineteen financial institutions have joined the Zelle Network, including eight of the largest retail banks in the U.S.

Agreements in place with additional financial institutions, debit card networks and other payment companies, such as Fiserv Inc, will bring the portion of accounts to 90 per cent to 95 per cent, Mr Finch said. It may not have the built-in cool factor that Venmo has cultivated over the years, but Zelle will benefit by being the default service provided automatically by numerous country's biggest banks.

The payment service is enabled by Scottsdale, Arizona-based security solutions firm Early Warning.

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