Zelle, previously known as clearXchange, is a U.S.-based digital payments network owned by Early Warning Services. The service enables U.S. individuals to electronically transfer money from their bank account to another person's bank account using a mobile device. As of December 1, 2017, the clearXchange web interface has been discontinued.
Video Zelle (financial service)
History
clearXchange enabled users to send money to anyone with a United States bank account. Users accessed the network within the websites and apps of member financial institutions, and through clearXchange's website. The network connected with existing bank accounts, so consumers would not need to fund a separate account to use the service. Only the recipient's email address or mobile number was needed to send money directly from bank account to bank account.
Milestones
- Before it was sold to Early Warning in January 2016, clearXchange was owned by a group of banks consisting of Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo.
- Before Zelle was launched in June 2017, predecessor clearXchange was available through banks including Bank of America, Capital One, JPMorgan Chase, US Bank, and Wells Fargo.
- In September 2017, the Zelle mobile app was released.
- Early Warning has announced that all remaining "person to person" clearXchange profiles will be deactivated in December 2017. After that, clearXchange will no longer support person-to-person payments but will continue to provide payments from companies and government entities to certain customers. Once their clearXchange accounts are deactivated, former clearXchange users may enroll with Zelle through participating financial institutions or the standalone Zelle app to continue to use the service.
Partners
The Zelle Network includes the following participants: Network partners
- Master Card
- Visa
Processor partners
- Co-Op Financial Services
- FIS
- Fiserv
- Jack Henry & Associates
Participant financial institutions:
- Ally Financial
- Bank of America
- Bank of Hawaii
- Bank of the West
- BB&T
- BECU
- BNY Mellon
- Capital One
- Chase Bank
- Citibank
- Citizens Bank
- Comerica
- Dollar Bank
- Fifth Third Bank
- First National Bank
- First Tech Credit Union
- First Tennessee
- FirstBank
- Frost Bank
- KeyBank
- M&T Bank
- Morgan Stanley
- PNC Financial Services
- SchoolsFirst Federal Credit Union
- SunTrust
- TD Bank, N.A.
- USAA
- U.S. Bank
- Wells Fargo
Maps Zelle (financial service)
References
External links
- ClearXchange official website
- Zellepay official website
Source of the article : Wikipedia
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